The FashionTap Application is an online selling platform for fashion and cosmetics products.
The internet allows designers, retailers, and publicists to upload photos of their products and tag each object in the image. Then, a link to the necklace’s website is provided when a user touches the necklace in the picture.
When your Instagram followers purchase something from your posts, you receive a percentage of the sale. Amy Roiland, the founder of FashionTap, appeared on Shark Tank in April 2016.
Amy appeared on Shark Tank requesting an investment of $100,000 for 10% equity in FashionTap.
Although Barbara Corcoran made her an offer, the real estate magnate demanded 25% equity. Roiland declined the offer and left without an agreement.
What is FashionTap?
FashionTap was a popular online fashion social network. You can sign up for free and earn money by writing about what interests you and sharing it with others.
FashionTap helps fashion bloggers, designers, and businesses connect with influencers, followers, and buyers. You don’t need a computer, and it is easy to use.
This community connects fashion industry professionals and fans using the latest styles, designers, photographers, and makeup artists.
|Product||Fashion Blogger’s Social Network|
|Investment Asking For||$100,000 for 10% equity in FashionTap|
|Final Deal||Offer Declined|
|Episode||Season 7 Episode 26|
|Business Status||In Business|
Who is the Founder of FashionTap?
Amy Roiland is the founder of FashionTap, a fashion blogger, former model, designer, and public relations representative.
She continues to work on FashionTap, writes for her blog A Fashion Nerd, and – as of February 2017 – manages social media for Betty and Veronica.
Roiland announced in February 2019 that she is launching her own business, AmRoi — it will feature eyewear, vegan shoes, and accessories such as camera straps.
FashionTap Before Shark Tank
The founder of FashionTap, Amy Roiland, was formerly a fashion blogger. Amy established her social network platform after getting frustrated with other platforms’ limitations.
She developed a tool that enables bloggers to upload and categorize images. People who click on the tags are directed to a sales page to purchase the item, and the bloggers get a commission. Would the Sharks be interested in this novel concept?
How Was the Shark Tank Pitch of FashionTap?
Amy Roiland appeared on Shark Tank requesting an investment of $100,000 in exchange for a 10% stake in FashionTap.
Amy stated that FashionTap was a social networking application that consumers could utilize to find bloggers and influencers. She stated that consumers might get income from goods they already wear.
She showed it on the stage’s enormous display screen. Individuals can post photos of themselves wearing their favorite makeup or shoes, tag the brands, and share the images with their followers.
Amy informed the Sharks that they were viewing the profile of popular fashion blogger Erica. Amy stated that people follow her for fashion advice on the newest trends.
Amy displayed a photograph of a model labeled with three items: her shoes, jewelry, and a dress.
The user could tap on any item in the image to be redirected to a sales page for the merchandise.
The blogger would receive a commission on the sale, incentivizing them to continue promoting profitable goods. The consumers would not need to question the blogger about where they obtained the products.
Amy claimed that “branded shops” adore FashionTap since advertisers are increasingly reaching out to bloggers and influencers.
She stated that she founded FashionTap because of her passion for fashion and requested the Sharks’ assistance in making it a reality.
Kevin was the first Shark to make a statement. He stated that FashionTap existed on numerous platforms, including Instagram and Facebook. He was curious as to what made Amy’s suggestion special.
Amy stated that she was a fashion blogger; thus, she had vast industry experience.
She noted that Instagram was not an appropriate comparison because you cannot tag different aspects of a photo or even include live links in the photo’s description.
Amy also stated that Instagram bloggers are not incentivized to promote products because they do not receive a percentage of sales.
Mark asked Amy if she was afraid that, by including links in their posts, Instagram could become a formidable rival.
Amy said that she was unconcerned about the matter. She emphasized that Instagram was not a fashion-focused website; it was for everyone.
Amy argued that Instagram was too chaotic to pose a significant threat and that bloggers could import their Instagram photographs into FashionTap and then tag the photos with the proper product tags.
Kevin wished to know how she was able to profit from this idea. Amy disclosed that she has three distinct revenue sources. The first was eCommerce, in which she would earn 10% of sales from big-box stores.
Chris Sacca, a guest Shark on this episode, pointed out that shops would need to upload goods to the FashionTap store and tag them.
Amy stated that this would be part of the negotiations with the larger stores, but Chris pointed out that she had no idea how tough it would be to seal these deals.
Amy said she was already working with major companies such as Free People and Jeffrey Campbell in response to Barbara’s inquiry about whether she had struck any deals. She had a list of connections and needed to reach out once the database was created.
Mark stated that she needed to expand FashionTap so that the larger businesses could sell to a large audience.
Amy nodded in concurrence. Mark inquired about the number of active users and downloads of the application.
Amy informed him that she had received 6,000 downloads over the past six months, of which 1,500 were monthly active users.
Amy stated that FashionTap has only been promoted organically through her blog platforms; she has not conducted paid advertising.
Amy stated that sponsorships represented the second source of money. FashionTap would facilitate brand sponsorships.
The sponsors would send gear and funds to Amy, who would then distribute the items to more prominent bloggers who would wear them and promote the brands.
Barbara wanted to know how much the model would earn from sponsorships.
Amy sidestepped the question by stating that her third money stream was affiliate links, which delivered between 3 and 35 percent of the sale of the goods.
Amy responded that she had generated $60,000 in sales over the past six months using the existing approach in response to Kevin’s inquiry about her revenue.
Amy responded that FashionTap would receive 1 to 15% of the overall revenue in response to Daymond’s question. Kevin explained that she had earned $6,000 thus far.
Amy stated that she had not yet taken that percentage, as she returned the entire amount to the users.
Amy confirmed that she was supplying them with the full affiliate commission after Chris Sacca verified that she was.
Kevin questioned how she was able to support herself without generating a profit. Amy laughed and expressed her excitement about the business.
Kevin pointed out that excitement cannot be consumed and inquired about her lifestyle. Amy informed him that she existed on her savings.
Amy stated that she had a chairman who provided her with $90,000 to develop the FashionTap application.
Amy explained to Kevin that the chairman held 38% of the company while she owned 33%. Mark informed her that an investment of $90,000 to get to that point was a good one.
Daymond inquired as to who else owned shares of the corporation. Amy informed him that her COO owned 5% of FashionTap, the CTO owned 23%, and the developer would receive 1%.
Amy explained to Mark that she intended to utilize the investment solely for marketing purposes when he asked her why she desired the funds. Instead of receiving compensation, she would focus on expanding FashionTap’s user base.
Mark inquired as to what she would do if her plan failed. He remarked that $100,000 was not a substantial amount, and she depended on her idea going viral.
Amy informed him that she intended to persevere and market FashionTap using organic methods.
Mark wondered if she recognized how difficult it was to go viral with a six-month history. Amy stated that FashionTap was unique since she compensates people for using the application.
Mark stated that she must tell him something more interesting, as he did not believe that $100,000 would be sufficient to scale the business to profitability. Amy stated that achieving 100,000 users would increase sales to $7 million.
Amy responded that the figure also included the e-Commerce revenue stream in response to Chris’s query about whether or not it simply reflected affiliate links.
Chris questioned whether her ultimate objective was to increase her affiliate commission by negotiating direct relationships with huge firms. Amy confirmed that was her intention.
Chris remarked that he did not hear anything in her present business strategy concerning the vast number of salespeople she would need to make these agreements on her behalf.
Since FashionTap was relatively small, he believed it would be difficult for huge firms to offer her a sizable profit margin.
Since there was no existing fashion social networking platform, according to Amy, the greatest challenge would be locating the brands.
Chris stated that he objected because he was an investor in Instagram, the current social network for fashion.
Chris mentioned Sophia Bush, a television celebrity hired by businesses to model their products and made a substantial amount of money as a result.
Chris stated that she would not drive traffic to FashionTap because she was already popular on Instagram.
Amy questioned whether her followers were satisfied that they could not purchase products directly from her Instagram profile.
Mark stated that he disagreed with Chris and believed that popular Instagram users would follow their fans wherever they went.
Mark informed Amy that she had not responded to his most essential question, which was how they would convince individuals to use FashionTap.
Mark left, claiming the lack of information regarding how Amy would use her investment funds for marketing.
Chris told her he did not believe she would get the required influencers to make FashionTap extremely successful.
Amy did not get how much work would be required to make FashionTap a reality, despite his assertion that it was a good approximation of the ideal selling software. Chris departed.
Kevin informed her that he witnessed Godzilla crushing her. He wished her well but foresaw a bleak future for her. Kevin went out. Amy thanked him.
Daymond was next in line. He referred to Amy as the genuine article and assured her that he shared her passion for fashion.
Daymond said he would love to collaborate with her but believed Instagram was already doing what FashionTap was doing.
Daymond departed. Barbara was the sole survivor. Daymond suggested that she support Amy.
Barbara indicated to Chris and Mark that she would likely listen to them, but she intended to disregard them.
Daymond questioned if she intended to make an offer, and then the show abruptly became commercial.
Barbara stated that the return of Shark Tank reminded her of Grace & Lace, another fashion company in which she had invested.
Barbara stated that the investment was a long shot, but it was the most profitable business she had ever invested in, and Amy reminded her of these investments.
Kevin informed Barbara that he heard Godzilla approaching, to which Barbara replied, “Mind your own business.”
Barbara stated she wanted 25 percent of the business to provide Amy with the requested $100,000.
Amy took a deep breath and gently declined Barbara’s invitation. She stated that she could not negotiate the 10%, which Barbara compared to a door slammed in her face.
Barbara said she went out, and Kevin informed Amy that Godzilla had just crushed her. She left.
Amy left the Shark Tank stage without securing any deal from the Sharks for FashionTap.
Final Deal: No deal between FashionTap and Sharks.
What Happened To FashionTap After Shark Tank?
After appearing on Shark Tank, the userbase and even team members of FashionTap expanded due to the Shark Tank effect.
Since FashionTap was exclusive to Apple devices, a limited number of app users existed.
FashionTap had 114 reviews, most of which were positive when it was live on Appstore.
According to their unfavorable evaluations, the app’s search function is subpar. It is challenging to find precise looks.
Amy Roland has ambitious future goals. She intends to add more capabilities to the FashionTap app, including improved search and e-commerce implementation. She also intends to establish offices for FashionTap.
However, FashionTap is out of business as of 2022 since Amy shut down the operations in 2018 and pulled the app from IOS Store.
Is FashionTap Out of Business?
After leaving Shark Tank, FashionTap never took off. However, Amy boosted her Instagram followers, but her app was never successful enough.
Amy shut down the operations of FashionTap, and the company went out of business in 2018 due to a lack of funds.
Is FashionTap Still in Business?
FashionTap went out of business, and the app was pulled out from Apple Store in 2018.
What Is the Net Worth of FashionTap?
The valuation of FashionTap was $1 million when it appeared on Shark Tank. The net worth of FashionTap is unknown as of 2022 since the company went out of business in 2018.