What Happened To SilkRoll After Shark Tank?

Most women have a pricey gown sitting in the back of their closet, unlikely to be worn again, or a stylish handbag they purchased for a special occasion but do not use anymore. However, there are cases when the issue is far more serious.

Janet Wu has been employed as an investment banker since she graduated from college, traveling to numerous countries and developing a wardrobe appropriate for the demands of her position as a successful career lady in high finance.

As she approached her thirties, Wu realized she lacked passion for her profession despite her economic success.

She traveled extensively throughout South America and witnessed firsthand the negative effects of excessive consumption and a lack of environmental concern.

Wu acquired a strong desire to contribute to sustainable and ecologically friendly economic systems. 

When she returned to Hong Kong, she began networking with other environmentally conscious businesses and eventually settled in San Francisco.

Having grown up in a community where suits and gowns were the norms, she no longer needs a wardrobe of costly formal wear.”

Wu was now confronted with all women’s dilemmas when they had an unused luxury dress in the closet.

The Bay Area has plenty of consignment businesses, but the return on the items sold through these companies is quite low.

SilkRoll Shark Tank Update

Wu became interested in and concerned about economic sustainability and environmental impacts and her overabundance of clothing, leading her to explore the “life cycle” of clothing.

She discovered some depressing information. The EPA reported that Americans discarded 13.2 million tons of textiles in 2010, with only 15% being recycled, according to Cassandra Cassillas of Opposing Views USA.

An American discards about 80 pounds of clothing per year on average. The determination of Wu to make a significant difference in the face of major environmental concerns increased.

The “sharing economy” has been gaining traction as the globe slowly shifts from resource surplus to resource scarcity, Wu told Republic.com in a December 12th interview.

All of this led to her creating an online, high-end clothes swap that would reduce environmental waste and recompense buyers for their old clothes.

Wu met Erin Wold in 2015 during a 4th of July cookout and pitched their concept to her. He founded a company that provided designated driving services after living in San Francisco for almost three years.

Wold was particularly interested in this company because a drunk driver struck her father, and he was still suffering the consequences of his injuries.

They both emphasize the purpose of a business, and when they discussed a clothes exchange concept, they realized that they might be the right partners. 

The prediction proved to be true, and by September of that year, SilkRoll had established a Facebook presence and was generating interest.

SilkRoll had an issue that most new firms face: a lack of inventory to meet growing demand.

The Business with a Purpose Podcast on May 15, 2018, revealed Wu and Wold’s first approach to this problem.”

Recognizing that many consignment retailers have extra inventory, they sent an email campaign to around 1,000 consignment stores offering to remove unwanted things.

In adjacent Walnut Creek, a single store had nearly 3,000 articles stored in a garage! Today, SilkRoll works with approximately 40 consignment retailers.

SilkRoll makes selling and buying simple. A shipping bag is given to customers who register online and create an account. The company evaluates and assigns points to clothing and handbags within a week of receipt.

SilkRoll originally allowed points to be awarded solely based on retail value. However, it later added an assessment based on market demand, allowing items in high demand to earn double or triple points.

SilkRoll clothing and accessories can then be purchased using the points. Customers can either pay a 7% fee for transactions or subscribe to a monthly service that waives that fee. They can also purchase points if necessary.

SilkRoll concentrates on women’s clothing for the time being but may extend to include men’s and children’s clothing and accessories, as well as maybe sports gear and other items.

SilkRoll works with non-profits to recycle or upcycle products that cannot be resold on their website in harmony with their mission to extend the life of fashion.

What Is SilkRoll?

SilkRoll is a unique concept of garment and handbag swaps or trades, designed for those with an overflowing closet full of things that may no longer fit. It may be a formerly worn item that hasn’t been worn in years.

The program allows you to send in clothes from high-end designer brands (free delivery is available) for Q points. You can even have them valued if you want to determine how many Q points you will earn before submitting them online.

SilkRoll offers virtual currency called Q points, which can shop online for new clothing and accessories. Moreover, you can exchange items directly with like-minded individuals via the store.

Company NameSilkRoll
EntrepreneurJanet Wu And Erin Wold-Fettner
ProductA marketplace for clothing exchanges online
Investment Asking For$250,000 For 3% equity in SilkRoll
Final DealNo Deal
SharkNo Shark
Episode Season 10 Episode 17
Business StatusIn Business
WebsiteVisit Website

Who Is The Founder Of SilkRoll?

Janet Wu and Erin Wold founded SilkRoll as co-founders and business partners. Janet is a California mother who worked as an investment banker in the Middle East and the United Kingdom.

Erin was the founder and CEO of successful operations and logistics start-ups, assisting them in achieving tremendous growth over four years.

SilkRoll began to shape Janet’s thinking when she transitioned from one stage of her life or work to the next.

These constant changes required her clothing to be updated – often from scratch since designer wardrobes can cost thousands of dollars to maintain.

Therefore, she began to wonder if designer apparel could not be packaged as commodities assets that had a trade-in value similar to that of a vehicle and could be used as credit toward another purchase.

This procedure would also be advantageous for the environment, resulting in fewer garments ending up in landfills.

Therefore, she launched a crowdsourcing campaign in 2018 to raise over $100,000 to launch her company. 

The concept requires individuals to register online and pay an annual membership fee or a 7% transaction fee to profitability.

Their website had already generated over $1 million in sales within the past year. As a result, they began seeking investors to assist in scaling the business.

SilkRoll Before Shark Tank

SilkRoll, a digital clothing exchange network for women, is introduced in episode 1014 of Shark Tank by Janet Wu and Erin Wold.

The women sought to resolve an issue. Approximately 75% of the apparel in a normal woman’s closet is worn only once.

This has taken up a lot of space in a closet for years. They believe that over $900 billion worth of unworn apparel is stored in American closets. The women came up with a solution: SilkRoll.

Simply request a box of gently used, high-quality clothes and fill it with them. You earn points based on the fair market value of each item.

You use your points to purchase apparel on the site, then mailed to you. They offer thousands (if not tens of thousands) of items on their website.

SilkRoll Shark Tank Update

The women launched their firm in early 2018 after raising $104,773 through the crowdfunding platform Republic.

The two initially met at a friend’s barbecue and debated the futility of high fashion purchases. That barbecue also netted them a photographer and a web designer.

In essence, they’re developing digital money for apparel exchange. Their points (referred to as Q’s) have a monetary worth.

Members pay an annual membership fee – this is advised if you frequently use the service. Non-members may shop, but they will be charged an additional 7% service fee on top of their purchase price.

SilkRoll has processed more than $1 million in transactions to date. It is probably a Shark that will add a few zeros to that figure.

How Was The Shark Tank Pitch Of SilkRoll?

Janet and Erin sought $250,000 in exchange for a 3% stake in SilkRoll when they appeared on Shark Tank. 

Sharks become enraged when they describe their 5% transaction charge and the sale of points for between 25 cents and 55 cents each.

They become even more enraged when they learn the business generates only $35,000 in total income.

Sharks respond with a slew of buzzword answers when they interrogate the ladies, adding to the annoyance.

The ladies say they are a “very special business” since they have completed transactions totaling $2.3 million.

A low income causes Barbara to be the first to leave the establishment. Mark despises jargon and is the next to leave.

Robert does not understand the concept; he leaves. Kevin and Lori exit the room following that, citing the high worth.

Kevin contends that he should charge the women for his time since they wasted it.

They become even more enraged when they realize that their total revenue is less than $35,000 per year.

They respond with a barrage of buzzwords when the Sharks begin probing the ladies, further enraging the ladies.

The ladies describe themselves as a “really extraordinary business” that has closed $2.3 million in transactions.

A lack of revenue prompted Barbara to leave first. Mark despised jargon and was the first to exit. Robert does not comprehend it and hence is ejected.

Kevin and Lori follow suit, citing their great net worth. Kevin suggests that he bill them for the time he wasted. They eventually abandon the pitch in the absence of a deal.

Final Deal: No deal between Sharks and SilkRoll.

What Happened To SilkRoll After Shark Tank?

A rebroadcast of the show was first broadcast on ABC in June 2019. SilkROll is still in business and is doing well. A rebroadcast in June 2021 showed that the company was still in business and had $1 million in revenue.

SilkRoll Shark Tank Update

Although Janet and Erin did not end up with any deal with Sharks; the firm had worked diligently to expand.

The valuation of SilkRoll was $8.3 million before and after the presentation. Since then, the company has performed admirably, generating over $20 million in revenue.

Is SilkRoll Still In Business?

Yes, SilkRoll is still in business as of January 2022, with over $20 million in sales.

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