There are numerous occasions when you are reluctant to put on the same dress more than once. How does that article of apparel fare? It frequently remains unused in your wardrobe for weeks or even decades. That’s a disgrace for a fine article of attire, and SilkRoll is the ideal remedy for that issue currently.
The proprietors debuted on Shark Tank to launch their company. Let’s discover if Janet and Erin were successful in negotiating an agreement with the Sharks in the season 10 episode.
Quick Facts
| Founders name: | Janet Wu, Erin Wold-Fettner |
| Business details: | Fashion and Clothing |
| Founded in: | 2016 |
| Location : | California, USA |
| Asking of Company: | $250,000 for 3% equity |
| Accepted Deals: | No Deal |
| Shark on board (Investors): | None |
| Shark Tank Episode: | Season 10 Episode 17 |
| Net Worth | $4 million |
| Business Status: | Active |
| Last Updated: | Mar 08, 2024 |
| Social Media | Facebook |
About the Founder
Janet Wu and Erin Wold are the CEO and owners of Silkroll. They are partners. On the platform for crowdfunding Republic, the women received $104,773 to launch their company in the first quarter of 2018.
The concept underlying SilkRoll allows fashionistas to send in luxurious clothing items they no longer enjoy in exchange for credits. These points can be used to buy designer apparel that someone else sends in.
Founding the Silkroll
Although the idea of selling used garments is not something new, SilkRoll’s method of operation is. The business has advanced the traditional practice of purchasing luxury secondhand clothing.
A firm called SilkRoll uses a clothes-swapping system to provide consumers access to a virtually unlimited wardrobe. They created a firm that would make it possible for consumers to swap in their lightly used apparel. It is a comparable quantity of credits determined by the initial price of the product as the typical generation buys a suit just several times.
On the website, these points can utilize to make purchases of equivalent value. The client would sign up and get a pre-paid exchange of equipment in the mail before sending in items.
Shark Tank Appearance
Erin and Janet entered the Tank and pitched $250,000 for a 3% ownership stake. The sharks first struggled to comprehend exactly how the company strategy operated. When a person uses their bonus points to purchase a product worth $200 in scores, the corporation will charge a 5% payment fee, according to Janet, who also communicated this to the sharks.
Although Mark Cuban could be seen becoming increasingly angry and perplexed, he chose to continue listening to the presentation before leaving. When Janet attempted to uphold her business’s alleged $8 million worth by telling the sharks that her annual income was just $35,000, things became more amusing. Janet was confronted by Kevin O’Leary, who became irate and furious with her, and asked her why she had even started the business.
Barbara Corcoran left the discussions as well because she appeared upset and doubted the company’s identity and its connection to real estate. The surviving sharks left for a variety of causes, but mostly due to a murky appearance and an absence of earnings.
The organization continues to grow after being featured on Shark Tank despite not reaching an agreement with any of the sharks following a perplexing pitch.
After Shark Tank
Even though we are unsure of the actual value of Silkroll at present, it’s worth is significantly less than the $8 million that the couple originally projected the value of their business to be.
Silkroll features a devoted Facebook fan base and countless loyal customers who regularly exchange rewards for clothes.
A $100k projection for their total assets seems more plausible, largely owing to the attention they attracted through the TV program.