What Happened to SilkRoll After Shark Tank?
What is SilkRoll?
Silk Roll is a one-of-a-kind clothing and handbag exchanges or trade concept for anyone with an overflowing wardrobe full of items that may no longer fit. Or those out-of-date items that haven’t been seen in years.
You may earn Q points by sending in your high-end designer brand clothing (free delivery is offered). You may even have them appraised online ahead of time to find out how many Q points you’ll receive.
SilkRoll was founded by Janet Wu, co-founder and CEO, and Erin Wold, a business partner, and friend.
These Q points are a virtual currency that can be used to purchase new items or accessories online at SilkRoll and have them mailed back to you. You may also do direct item exchanges with other shop members.
SilkRoll was founded by whom?
Janet Wu, co-founder and CEO of SilkRoll, and business partner and friend Erin Wold launched the company. Janet, a mother from California who worked as an investment banker in both the United Kingdom and Asia at different points in her career.
Erin skillfully led a start-up in operations and logistics, supporting them in attaining great growth over a four-year period.
The ladies set out to discover a solution to a problem. Approximately 75% of the clothing in the average woman’s wardrobe is only worn once.
It then takes up space in the closet for years. They estimate that the value of unworn clothing in American closets is more than $900 billion. SilkRoll was the remedy suggested by the women.
You only need to order a box and fill it with unwanted, high-quality clothing. The clothing earns you points based on a realistic monetary value for each piece.
You use your points to purchase clothing on the website, which is subsequently shipped to you. There are hundreds (if not tens of thousands) of items on their website.
The women earned $104,773 in donations through the crowdsourcing site Republic in early 2018.
The two initially met at a friend’s barbecue and began discussing the foolishness of purchasing pricey apparel. A photographer and a web designer were also hired as a consequence of the BBQ.
In essence, they are creating digital money for the trading of clothing. Their points (dubbed Qs) have monetary value.
Members must pay a membership fee to join, which is recommended if you often use the service. Non-members are welcome to shop as well, but they must pay a 7% service fee on top of their purchase price. SilkRoll has now performed well over a million transactions.
What Happened to SilkRoll’s pitch on Shark Tank?
Janet and Erin decided to offer their company to Sharks in episode 17 of Season 10 of SilkRoll on Shark Tank in order to help them get their product to market faster.
Janet and Erin entered the Shark Tank pitch seeking $250,000 in return for a 3% ownership in their firm, which valued at $8.3 million.
The Sharks grow upset as they detail their income scheme, which includes a 5% transaction fee and the sale of points for anything between 25 and 55 cents.
They are even more furious when they find that the company’s total annual revenue was only $35,000 each year.
When the Sharks begin questioning the girls, they respond with a torrent of buzzwords, which upsets the ladies even more.
The ladies describe themselves as a “really excellent business,” having done $2.3 million in transactions.
Barbara was the first to exits because of the poor earnings.
Mark despises jargon, and he was the next to exits. Because Robert doesn’t get it, he’s out.
Kevin and Lori are the next people to exit, claiming their considerable net wealth.
Kevin advises that he bill the women for his time, which they have squandered. They ultimately walk away from the pitch without a deal.
What Happened to SilkRoll After Shark Tank?
Despite the fact that Janet and Erin walked away from the presentation without a deal, the company had worked hard to grow.
The company was still in business and prospering as of the initial rerun on ABC in June 2019. The company is still in business as of December 2021, with annual revenue of $1 million.
SilkRoll’s main competitors include Reflaunt, Spreadshirt, Zilingo, and RebelsMarket.
SilkRoll’s Net Worth
During and after the pitch, the firm was valued at $8.3 million. Since then, the firm has done well in sales, with annual revenue of $1 million in 2021.
What is SilkRoll?
SilkRoll is a clothing and handbag exchanges or trade concept for anyone with an overflowing wardrobe full of items that may no longer fit. Or those out-of-date items that haven’t been seen in years.
How does SilkRoll work?
Create a SilkRoll account. They’ll need to create a username and password. Users must then create a box full of clothes they want to trade in, listing the items and their monetary worth.
Users can log on once a month to see their Q level (points) for the previous month. They can also log in anytime to see what points they have or earn.
What is SilkRoll made of?
The company is made up of a small team of women from different backgrounds, who are dedicated to helping complete strangers exchange these items they no longer want.
What happens if I don’t create an account?
Users can sign up for free and begin shopping right away.
Where can I find SilkRoll?
SilkRoll is available on their website where users can browse all the items available on their site or have them shipped to them straight to their mailbox.
Is SilkRoll a subscription?
No. Users can sign up for free and become a member. There are no ongoing fees.
How do I find SilkRoll?
The company made their product available through an online shop, so it can be found online or anywhere there is internet access.
Who are the target markets of SilkRoll?
SilkRoll is targeting women between 18-65 years of age.
How much does SilkRoll cost?
Users can sign up for free to shop, but they must pay shipping on all purchases. By signing up, a user will earn Q (points) on barter transactions.
The user will earn 1 Q for every 10 points they send out, and the company will earn 1 Q for every 10 points the company sends out.
How is the business model of SilkRoll?
SilkRoll operates as a barter exchange, and the owner buys a box of clothing. The owner then can shop on the site to purchase a new item.
They determine if they are giving more points than they are getting, which may affect whether they make a purchase or not. If they give more points than they receive, the user decides whether to keep the items in their box or not.
What do users have to pay for?
Users must pay shipping costs when sending out items.
How is SilkRoll funded?
SilkRoll is self-funded by its members who earn Qs when exchanging their unwanted items through barter transactions.
How do I get free shipping from SilkRoll?
Users can pay for shipping with their own funds.
What is SilkRoll shipping cost?
Shipping costs are 2 Qs per 10 points, which equals a shipping value of 16 Qs.
How is SilkRoll’s award points program different from other barter-based exchanges?
Unlike other barter based exchanges, the company does not have a scoring system for users to compete with each other in order to get better points.
This means that users are not punished for losing products, so they will be more likely to give more items away when they receive something in return.