aymond John was about to hit the spotlight at Harlem’s Apollo Theater when he stopped, bowed his head and closed his eyes. “I take a good portion of my day to pray, and I say an extra prayer when I go onstage,” John toldJohn, wearing a black leather jacket and a tie, blue jeans and his trademark diamond earrings, walked onto the Apollo stage to enthusiastic applause. It was the start of his second annual Black Entrepreneurs Day in October.
More than two dozen banks turned down FUBU’s loan requests. John worked waiting tables at Red Lobster to get by. Eventually, John’s mother, with whom he lived, took out a $100,000 second mortgage to finance the company. FUBU has since rung up $6 billion in worldwide sales, according to John. Like many fashion brands, it was hot and then it was not. Keith Perrin, one of the cofounders, blames over-saturation in key markets. “We tried to get as much money as we can and do as much as we can, as fast as we can,” he said. That contributed to a buildup of “about $22 million” of excess inventory, he added, that FUBU donated to homeless shelters. “We wanted to... give them out to people who need it,” Perrin said.
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