SilkRoll Shark Tank Update | SilkRoll Net Worth

SilkRoll is a fashion and clothing company founded by Janet Wu. It specializes in allowing users to trade virtual points online and shop for expensive secondhand clothing with those points.

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.

SilkRoll Shark Tank Update

The company has a platform where users can earn and trade points when sending in their secondhand clothing items and collects fees when someone uses their points to purchase an item.

The SilkRoll program allows you to send 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
WebsiteSilkRoll 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 with a trade-in value similar to a vehicle and could be used as credit toward another purchase.

This procedure would also benefit the environment, resulting in fewer garments ending 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 achieve profitability. SilkRoll’s website 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. There are many occasions when you do not want to wear an outfit again after you’ve worn it.

What happens to the cute little dress you bought and only used once? It can stand in your closet for days or even months without you wearing it. It is a waste of time to throw away clothing that you love. We’ve found a solution to that problem with Silkroll.

Now, you can send in clothes to get a free shipping container to exchange for items that are similar in value. The fashion trading platform Silkroll allows users to trade in secondhand clothing to earn rewards. The rewards are based on the actual cost of the purchased clothing.

You can then start trading with other people and buy clothes that are in good condition. It is like killing two birds with one stone because you get to trade in some of your clothes and get points from the company to purchase clothing you like.

SilkRoll allows people to easily trade in their clothing and get the clothes they want to be delivered to their door.

SilkRoll is great for people who want to get rid of old clothes and purchase something nice for their new wardrobe.

SilkRoll gives consumers a unique way to exchange clothing worn a few times and then receive a reward based on how many points the item costs.

This means that SilkRoll is unique because other clothing exchange sites do not allow consumers to earn points by trading with other community members.

SilkRoll lets you create an infinite closet by trading old clothes for points. Points are calculated based on the cost of the original purchase. They can be used to purchase new clothes.

The average millennial only wears an outfit three times, so they developed a company that allows users to trade in gently used clothing for a comparable amount of points based on the cost of the item itself.

After the items are processed, users can shop for high-quality clothing items from the site.

Those points earned are used to purchase items similar in value. Anyone who wants to sell their clothes online can register and receive a prepaid trading kit that they can use to exchange clothes for other goods.

It is simple to fill the kit with clothing you rarely wear and then drop it in the mail. After receiving it and being processed, it earns the consumer points and allows the person to browse the site and compete with other Silkroll users.

It allows people to trade in their clothes and deliver items directly to their door. This way, they can receive new clothes delivered to their door.

SilkRoll Shark Tank Update | SilkRoll Net Worth

The women launched SilkRoll 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.

SilkRoll 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 appeared on Shark Tank requesting an investment of $250,000 in exchange for a 3% stake in SilkRoll. Barbara wanted to know how they dealt with customers who told them they should pay more for the clothes they sent.

Erin explained that they had a database that helped them determine the price of clothing that customers would pay for them.

Erin said that they have a database to evaluate the clothes sent to them. They also look at the clothes’ condition and the brands sent to them.

Erin said they first looked at the clothes to see if they were of good quality. They also considered the brands, the condition of the clothes, and the style of those clothes.

Erin stated that they are analyzing databases to see how many people buy clothes from them.

Then they will look at what clothes people have sent to them. As time goes on, the databases will become more dynamic.

Mark Cuban asked if they had completed a transaction complex by charging a fee to customers who wanted to buy or sell clothes.

Erin told him that a fee would be charged to customers whenever someone made a transaction on their website.

Erin then gave an example of how they would determine the price someone will pay for a dress based on its brand and quality.

Kevin wanted to know what happened to the clothes that were sent to him but damaged.

Erin stated that they do not charge customers for the clothes that they send but that customers are aware of it.

Erin stated that if high-end clothing were damaged, they would list it on their website, but they would say it was damaged.

Barbara wanted to know what they were going through regarding receiving defective or damaged clothing.

Erin stated that the company looked at the clothing and determined how much they should charge people to send clothes that could be repaired or replaced.

Erin said they did not keep all the clothes they received but instead gave them to charity. Kevin was curious whether he would still receive points if he did not keep the clothes they received.

Erin stated that customers do not earn any points if the clothes that they send are not in perfect condition or if they send are damaged.

Once Kevin complained about the punishment that they were handed. Herjavec asked Erin and Kevin how they were earning money from their site. Erin said she was confused about how they made money from their website.

Herjavec gave a detailed example where he sent clothes to them, and Kevin bought them from them. How would the women earn their money from a garment sale?

Erin said that every time they do a transaction, 5% of the money paid to the seller would go into that transaction, whether the person bought or sold clothes.

Kevin asked if customers knew this before doing business on their website.

Kevin wanted to know whether they earned 5% of their profits on each transaction, and Janet told him it was $10.

Erin mentioned that they made 5% apiece on every order. Herjavec said that was insane. Herjavec then asked them again how they were making money.

Janet said they only sell points because people cannot buy or sell items with points. Janet gave them the prices people paid for the points they bought.

Janet explained to Kevin that they were special and that because of their business model, they could get a very high price for each item.

Janet said after only one year, SilkRoll had made over $35,000. She said it was very disappointing, and they were very disappointed with the amount they received.

Janet claimed that they were building a marketplace that would be highly competitive and able to create a massive network effect. Mark Cuban stated that there was no such thing.

Mark Cuban stated that there was no network effect. Barbara said she was not a good income source because her commission was excessive. She also believed they did not have a good name.

Mark Cuban was the next person to leave SilkRoll. He mentioned that they were doing a very complicated business.

Mark Cuban said they were expelled because they made a very simple concept that seemed complicated.

Robert Herjavec said that he did not understand what they were saying and would have appreciated them being honest and saying they weren’t quite there yet, but they were working on it.

Mark Cuban stated that he couldn’t understand what they were saying and was leaving because he didn’t understand them.

Kevin O’Leary said they had made a rookie mistake in overvaluing their company. He then promptly left the room. Kevin O’Leary promptly left.

Lori left because she thought the amount offered was too low for any of them to be happy with.

Erin and Janet blamed their failure to get an offer from a high-profile investor on their failure to communicate effectively.

They were fine. They would do it all by themselves, hoping that America would accept the offer.

Final Deal: No deal between Sharks and Silk Road.

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.

After appearing on Shark Tank, SilkRoll has continued to grow its platform and the number of users that trade points on its clothing marketplace. The official website for SilkRoll is regularly updated, and additional information about their platform’s shop can be found there.

Unfortunately, no new sales numbers have been released for SilkRoll since its appearance on Shark Tank. However, the company is still in operation and is continuing to expand its services.

An episode of Shark Tank from June 2021 showed that SilkRoll was still in business and had $1 million in revenue per year.

SilkRoll Shark Tank Update

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

Since appearing on Shark Tank, SilkRoll has continued expanding its offerings. The company now allows customers to buy clothing with cash and points and has reported lifetime sales of $20 million.

SilkRoll has also continued to focus on making fashion more sustainable by encouraging customers to recycle their unwanted clothes for points to shop for new items.

The valuation of SilkRoll was $8.3 million before and after the presentation. After its appearance on Shark Tank, SilkRoll has performed admirably, generating over $20 million in revenue.

SilkRoll is still in business and continues to thrive in the market.

What Is the Net Worth of SilkRoll?

The valuation of SilkRoll was $8.3 million when it appeared on Shark Tank. The net worth of SilkRoll is estimated to be $5 million.

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