Ousted Men's Wearhouse founder has a new startup that rents you tuxes -- and he's raising at a $100 million valuation

Men's Wearhouse founder George ZimmerYoutube/ CBS This MorningMen’s Wearhouse founder George Zimmer

George Zimmer, the ousted founder of the $US2.3 billion men’s clothing retailer Men’s Wearhouse, is seeking $US40 million at a post-money valuation of $US100 million for his new startup called Generation Tux, according to a pitch deck obtained by Business Insider.

The deck states the company’s seeking a $US40 million Series B round, at a $US60 million pre-money valuation. It’s already closed $US20 million with up to $US20 million still available, it says. It’s unclear if the round has already closed.

Zimmer declined to comment on this article.

Perhaps best known for the “I guarantee it” catchphrases in old Men’s Wearhouse ads, Zimmer was famously ousted by his board in 2013. A year later, he teased the crowd at Dreamforce, Salesforce’s big annual conference, saying that he’d be launching his own startup, which turned out to be zTailors, a service that provides on-demand tailors and clothing delivery.

Earlier this year, Fortune reported that Zimmer was working on another startup called Generation Tux, an online tux rental service. The company is scheduled to officially launch Tuesday at Dreamforce. Zimmer is a long-time friend of Salesforce CEO Marc Benioff, who also happens to be an investor in his company.

Other investors in the Generation Tux include Workday cofounder Dave Duffield and Zimmer himself, as well as ROTH Capital Partners, according to the deck.

The deck we saw indicates that Zimmer plans to weave in zTailors’ service and network of tailors into Generation Tux.

The deck also has some interesting financial projections. It says Generation Tux will generate about $US1.2 million in sales this year, but over $US20 million by the end of next year. That figure is projected to hit about $US235 million by 2019.

Combined with zTailors, the two entities are expected to generate $US2.1 million in sales this year, and $US28 million by next year. In 2019, the two companies’ combined revenue will balloon to $US481 million, the deck says.

The deck also states that Generation Tux will have two CEOs — ex-Men’s Wearhouse exec Scott Silverstein and former CEO of Ask Jeeves and Aptimus Rob Wrubel — with no mention of Zimmer’s role, who’ll likely be chairman of the company.

Generation Tux sounds similar to another online tux rental service called Black Tux, a company Zimmer once tried to buy and then invest in but was turned down, a source with knowledge of the talks tells Business Insider.

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