What Happened to Pink Picasso After the Shark Tank Pitch?
What is Pink Picasso?
Pink Picasso is a high-end paint-by-numbers set. Each Pink Picasso kit comes with a 16 x 20 unstretched canvas, handy miniature paint pots filled with water-based acrylic paint, a 4-brush set, finished image photo with colour key, a numbers map in case you paint over a number, and a bottle of acrylic paint (the lid is designed to help you organize your supplies while you paint).
So all they have to do is find a kit that appeals to them the most on the internet, find a quiet little area that is well-lit and free of distractions, and begin painting.
Simply paint the pattern with the number on the paint in the colour that matches to the number on the photo.
Who are the Founders of Pink Picasso?
Ashley and Brittany Silfies launched Pink Picasso. Brittany is a former NAT lab technician who worked on HIV/Hep A-C/Parvo testing in blood plasma.
Ashley worked as a procurement manager before starting Pink Picasso.
The couple’s other paint-by-numbers businesses include Modern Monet and Wear Your Sole.
When Ashley was looking for ways to cover up the plain white wall in their apartment, she and her friend came up with the idea of launching a paint-by-numbers business.
Pink Picasso was created as a consequence of a brainstorming session in 2019.
Painting kits are sold in hundreds of independent arts and crafts stores around the country, as well as on the company’s website and Amazon.
What Happened to Pink Picasso at the Shark Tank Pitch?
Ashley and Brittany entered Shark Tank looking for $400,000 in exchange for a 5% ownership in their firm. This works out to an $8 million valuation.
They talk about what is included in each bundle. It is regarded to be a modern craft in which individuals may take pride. Lori thinks they’re beautiful.
Everyone enjoys puzzles, and this is a more space-friendly activity because you do not have to leave it out.
The ladies went on to talk about how their feelings for each other grew, as well as how they divorced and remarried.
They claim they blew up their lives in order to sustain themselves. Ashley created the concept with the help of her manufacturing skills.
They performed everything by hand until a few months ago, with their children serving as helpers. With only a $1500 investment and recognition as one of Oprah’s favourite goods, 2019 sales were $1.3 million. 2020 sales totalled $3.5 million.
An adult kit costs $3.77 (plus $4 delivery), a wholesale price of $19, and a retail price of $42. The Sharks are obsessed with margins.
They predict $5 million in revenue in 2021 and a $900,000 profit in 2020.
The girls believe they need the help of a mentor to get into big box retail. They have 2100 boutiques but have no concept how to run a massive box store.
They also intend to get into license agreements with corporations such as Disney. Kevin offers $400,000 for 33.3 % share and indicates a desire to be a part of the pay-outs. Lori likes the women and the way the product appears.
She, too, appreciates the artistic aspect. Lori and Daniel make a $400,000 bid for a 20% share in the company.
Barbara offers some financial advice after nearly selling half of her firm.
Barbara has chosen to leave since she feels they do not require a Shark. Lori, on the other hand, disagrees with Barbara and says they should race faster. “Don’t underestimate yourself; you’re crushing it!” exclaims Mark. Mark has already departed.
Barbara returns after a short break and offers $400,000 as a loan at 8% interest in exchange for 5% of the firm.
Daniel states that before pitching the proposition to Lori, he was ready to offer $400,000 for 10%, but now feels that having two Sharks is a better bargain at 20%.
Kevin reduces his offer to $400,000 for 3% plus a $6 royalty per unit. Barbara, according to Mark, is the best deal.
Lori and Daniel reply with $400,000 for 15% off, and the deal is done!
As they embrace on stage, Mark shows off a wonderful artwork he was working on during the segment.
What Happened to Pink Picasso After the Shark Tank Pitch?
They Company secure a deal from the Sharks and there is no evidence that the deal have closed, may be they are in due diligence.
What is the Net Worth of Pink Picasso?
Ashley and Brittany entered Shark Tank looking for $400,000 in exchange for a 5% interest in their firm. This works out to an $8 million valuation.
Lori and Daniel made a bid of $400,000 for a 15% ownership, bringing the total worth to nearly $2,7 million valuation.
Who are the Competitors of Pink Picasso?
Pink Picasso competes directly in its market space with Modern Monet.
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Pink Picasso FAQS
1. How do they buy a Pink Picasso product?
Painting kits are sold in hundreds of independent arts and crafts stores around the country, as well as on the company’s website and Amazon.
2. How do they get the wholesale price?
An adult kit costs $3.77 (plus $4 delivery), a wholesale price of $19, and a retail price of $42.
3. Where is Pink Picasso located?
Pink Picasso, LLC is a company that operates in the Museums, Historical Sites, and Similar Institutions industry and is based in Pensacola, Florida.
4. Who came up with the idea of Pink Picasso?
Ashley and Brittany Silfies launched Pink Picasso.
5. When was Pink Picasso founded?
Pink Picasso was created as a consequence of a brainstorming session in 2019.
6. How much was Pink Picasso seeking in the Tank?
Pink Picasso was seeking $400,000 in exchange for a 5% ownership in their firm. This worked out to an $8 million valuation.
7. How much did they get?
Pink Picasso received a deal worth $400,000 for 15% of the company from Lori and Daniel.
8. Who is the CEO of Pink Picasso?
Ashley Silfies is president, CEO and founder of Pink Picasso.
9. Is Pink Picasso still in business?
Pink Picasso is still in business.
10. How long does it take for the paint to dry?
They utilize water-based acrylic paint, which dries to the touch in 10-15 minutes, depending on the thickness of the paint application.
