Video Transcript

00:09 Daymond John: Well, the FUBU brand, we made it strictly for men at first, but we did have a name where the name was FUBU. What is that? Chinese? Is it Italian? What is it? Alright. We then started to expand and the natural progression was if you're doing men's clothes, you start doing ladies', and you start doing kids', and you start doing boots, bags, fragrance and things of that nature.

00:26 John: So, FUBU was a big clothing company at one time, and I decided to grow the business in a different area and keep growing the business. Grow co., we were selling a lifestyle.

00:44 John: I decided that if we could sell clothes, then we could sell music, easily. So, I decided to create a record company that's called FV Records. And I decided to come to New Orleans and pick up my first group called, 'The 50 Floor Platoon'. I hired a bunch of guys that I knew, and I did the first big mistake of my career. I blew $6 million because I did not hire or strategically align myself with anybody who knew anything about records.

01:31 John: But we burnt to that money, and that was a very costly mistake. But if you lose, as they all say, don't lose a lesson.

01:38 John: If you go out and try to just stamp your name and exploit just other areas for revenue, your core customer that loves you will not buy you any longer, and you would detract. So, you would have to be very careful. Does it make sense?

01:50 John: FUBU now is synonymous with a culture, a generation. And if we decided at this point, to put out FUBU Foods, you would basically know what it is. When I just say that, you would know what it is. You would expect chicken waffles and a bunch of other cool things like that, right? Especially being in New Orleans, it would be New Orleans type of food.