Even though Silkroll founder Janet Wu didn’t walk out of the tank with a deal, her business is still going strong to this day. So, how did she do it? And what exactly has she been up to since her Shark Tank episode? We’ve got all the details on this online fashion boutique below. Keep reading to learn more about Janet’s company.
1) According to their official website, Silkroll’s an online fashion exchange company. They give “you access to discovering high quality pre-owned fashion directly from the closet of your style-mates.” This saves you both time and money in the short and long haul. Their mission is to help people find great clothes at affordable price points. If you utilize their site, you’re also reducing waste, and make smarter purchases, almost like making an fashion investment.
2) Janet Wu founded the company, but she brought along two other women – Erin and Agi – who wanted to help bring her idea to life. Apparently Erin worked at a startup, and Agi has experience in merchandising and buying. The trio put their skills to good use to build solid connections with people like photographer Gavin Farrington, who helped give their site an edge.
3) So, if you want to trade in your clothes, you can do that via their website. They take everything from top designers to boutiques, so there’s a wide range. You can request a trade-in kit; you can even become a member. If you’re interested in simply buying clothes, shop online too. From activewear to cocktail dresses, there’s something for everyone, regardless of style preference or price points.
4) As we mentioned above, they did not get a deal on Shark Tank. Janet went into the pitch meeting asking for $250,000 for 3% of the business. That makes the valuation at over $8 million. At the time of their episode (a couple years back), they’d done $35,000 in revenue. According to Forbes, they made their money through the 5% transaction fee.
5) Their social media presence is decent. Silkroll’s close to 5,600 followers on Instagram. They’ve got numerous fans leaving 5-star reviews on their site. People rave about how easy it is, and how many new outfits they now have in their closets.
Watch Shark Tank on Fridays at 8 PM ET, only on ABC.
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