Zuvaa Shark Tank Net Worth

Zuvaa is an online store where you can buy cheap African clothes and accessories from 85 international designers.

The Zuvaa clothing line (named after a word in the Zimbabwean Shona language that means “sunshine”) is for fashion-forward men and women aged 18 to 35 who enjoy Africa’s vibrant patterns and fabrics. 

Zuvaa is an online marketplace that sells African-inspired fashion and accessories from designers and artisans across the African continent and its diaspora. The platform was founded in 2014 by entrepreneur Kelechi Anyadiegwu.

Zuvaa aims to promote and celebrate vibrant and diverse African cultures through its unique, colorful, and bold fashion offerings.

By providing a space for African designers to showcase their work, Zuvaa helps these artists gain recognition and access to a global customer base.

In addition to selling clothing and accessories, Zuvaa promotes African fashion through its blog, which features stories about African designers, fashion trends, and cultural insights.

Zuvaa is the brainchild of Atlanta, Georgia, entrepreneur Kelechi Anyadiegwa. Kelechi discloses on The Tank that she is seeking a $460,000 investment for a 10% stake. Retail guru Daymond John raises an eyebrow in astonishment.

What is Zuvaa?

Zuvaa was a global online market and community for African-inspired clothing and accessories that linked buyers and producers. It also provided context for both the culture and the designer’s experience.

Zuvaa is an online marketplace that offers African-inspired fashion and goods to customers worldwide. Zuvaa has been featured on ABC’s Shark Tank, where it received an investment from Mark Cuban.

The mission of Zuvaa is to bring together African artisans with customers around the globe who appreciate the beauty and uniqueness of African culture and products.

All goods are sourced from independent designers and producers in Africa, ensuring each customer receives a one-of-a-kind item with a story behind it. By shopping at Zuvaa, customers can support small businesses while enjoying exceptional items.

Zuvaa’s selection includes everything from contemporary clothing to traditional jewelry to handmade crafts – all created by talented African artisans and designers.

Company NameZuvaa
FounderKelechi Anyadiegwu
ProductAfrica’s Online Fashion Marketplace
Investment Seeking$460,000 For 10% equity in Zuvaa
Final DealNo Deal
SharkNo Shark
EpisodeSeason 09, Episode 19
Business StatusOut Of Business

Who is the Founder of Zuvaa?

Kelechi Anyadiegwu is the founder of Zuvaa. She received her Master’s in Human-Computer Interaction from Carnegie Mellon University in 2014. A few months later, she began working as a Web Design Consultant with MEMS Industry Group.

She was a board member, social media, and community manager for the Young Men & Women’s African Heritage Association from 2013 to 2014. Kelechi is currently a brand specialist for UjuuMedia and is the founder and CEO.

Four women dressed in dazzling African garb enter the Shark Tank. They carry the concept of connecting African designers to a global marketplace with them. 

Kelechi Anyadiegwa is a native of Atlanta, Georgia. She founded and led Zuvaa. She now demands $460,000 in exchange for 10% stock in her business — a hefty $4.6 million valuation. Daymond seems overwhelmed by this enormous figure.

Kelechi was always drawn to distinctive designs and textiles as a child in Nigeria. The colors and vibrancy often took her aback, and she knew there were brilliant designers on the African continent with an eye for making stunning products. 

A lack of tools and resources hinders designers from capturing a worldwide market for their work. She invented Zuvaa as a result.

Zuvaa Shark Tank Update

Zuvaa is the world’s fastest-growing online design marketplace. They connect exceptionally brilliant designers with global consumers looking for one-of-a-kind finds. 

Kelechi describes how it works: buyers browse the online marketplace with over 85 vetted and curated designers. After purchase, the items are mailed directly from the designer or the fulfillment center in Atlanta, Georgia.

Madison, for instance, is dressed in Titi’s Closet and Nigerian. The jumpsuit features peplum detailing on the sides and top. Michelle is dressed by a Zambian designer who likes to combine wax designs and chiffons in her fabrics. 

For instance, the final designer makes a completely beachy all-chiffon jumpsuit. Kelechi can demonstrate the beauty of Africa via design with the assistance of the Sharks.

How Was The Shark Tank Pitch of Zuvaa?

Kelechi Anyadiegw appeared on Shark Tank, requesting an investment of $460,000 in exchange for a 10% stake in Zuvaa. Kelechi distributes samples to each Shark, with Daymond being the most enthused due to his ties to the fashion world. Each Shark is given a piece, which they trade. 

Daymond is wearing ashore, a woven material. Another garment originates in Benin and is made of Ankara, wax print, and suede. 

Kevin stands, puts it up to himself, and inquires whether he may wear it to the pool — he does wear wraps. Shark Guests Sara Baker inquires as to how Kelechi locates these women.

They primarily source designers through word of mouth and have an extremely severe vetting method, which requires any designers interested in selling through Zuvaa to submit samples. 

They can perform quality control checks and comprehend the designer’s fulfillment and customer service processes. Lori inquires as to how Kelechi came up with the concept. She is a first-generation Nigerian; this is her entire culture — she grew up wearing these outfits. 

She founded Zuvaa while a graduate student at Carnegie-Mellon; around that period, she began freelance work in social media marketing and was constantly asked where she acquired her outfits.

Daymond nods in agreement. She recognized how African patterns and textiles were inaccessible to consumers in Western marketplaces. 

She began with a roughly $500 investment and grew it to over $2 million. This occurred in less than two and a half years, to which the Sharks responded with applause. 

Mark requests that certain points be clarified; for instance, if he is a designer and wishes to be included on the website, what is the payment arrangement? 

Zuvaa charges a fixed commission of 17% to be listed on the marketplace and a $50 monthly fee. The website has approximately 120,000 monthly visitors, which the Sharks consider a reasonably high figure. 

Kevin inquired about Zuvaa’s revenue last month — monthly, the company generates approximately $220,000 in revenue through sales. This equates to approximately $50,000 in revenue. The business earns $50,000 every month, which is essentially all commission. 

Kelechi is virtually completely risk-free, which is wonderful. However, Daymond notes a risk — when women shop online, there is a greater return rate, frequently due to women ordering two sizes. Kelechi affirms that this does occur.

What happens, then, if there is a return? That gown must be returned to inventory, or it will be returned to Africa. 

Every quarter, Zuvaa returns designer items to the designers; sales proceeds are returned to Zuvaa, and the expenses are minimized. Buyers receive a return slip, return items to Atlanta, and return them to the designers. 

Kevin inquires about the cost of operating Zuvaa and whether she employs anyone. Each month, they break even with a burn (cost) of approximately $50,000.

Kevin then inquires about the big vision behind Zuvaa’s estimated $4.6 million valuation. Kelechi states that the appraisal is predicated on a 2X multiple of last year’s GMV, but Kevin inquires whether anyone has invested in repairing that value. 

Kelechi says that she bootstrapped Zuvaa, which means she owns 92 percent of the company – the remaining 8% is divided among her other advisers. Kevin surmises that she is quite adaptable in terms of appraisal.

Lori claims Kelechi is doing well, so why does she require a Shark? In addition to expanding the brand’s global reach, Kelechi hopes to guide people worldwide to understand the value of African design beyond fashion. 

Africa produces home textiles, art, and many other things of beauty. Zuvaa needs financing to develop a scalable internet platform. They do not yet meet the needs of suppliers or customers. Zuvaa needs financing to develop a scalable internet platform.

Lori inquires about the ensembles’ price points. The dresses range in price from $50 to $250, depending on their complexity. Kevin believes that this is a fair price for the finished product. 

He believes, however, that Kelechi’s deal contains a significant error. While $460,000 is a large sum, Mark says she must scale. 

Kevin struggles with $4.6 million, but Mark inquires how many designers Kelechi wishes to grow.

Zuvaa Shark Tank Update

Many present designers on the continent may create various kinds of works. She wants to reach this level. On the other hand, Mark believes that what she has accomplished is remarkable, but he remains stuck on the evaluation. 

$460,000 is a large sum to stomach for a tenth of a percent, and Mark is the first Shark to walk away from the agreement. This is unsurprising given his technology and sports background.

Sara then talks — she is proud of Kelechi and all she has accomplished. She is an Atlanta native and is credited with founding Spanx. It’s a fantastic place to start, but she’s also dealing with the $4.6 million appraisals. It is simply too high. 

However, Zuvaa is developing at a breakneck pace, and if they do receive funding from one of the Sharks, they can accelerate their growth even further. 

Sara believes Kelechi has accomplished so much on her own that she can go even higher without giving up a significant portion of equity.

Kelechi inquires about what equity proportion Sara is interested in, and after deliberation, she decides on 50%. 

Kelechi could not give up even 50% in such a young stage of her business. Sara does not believe she should – the more ownership Kelechi retains, the more control she has over Zuvaa. 

Therefore, Sara is no longer a part of the arrangement, leaving Lori, Kevin, and Daymond.

Lori believes that Zuvaa is making a significant difference in the lives of African women. She does not wish to acquire a portion of Kelechi’s business and thus gracefully departs the transaction. 

Following that, Daymond speaks. He had the privilege of accompanying President Obama to Kenya in 2014-2015. 

Africans love Shark Tank, and that’s no secret. Kelechi is a lightning rod for entrepreneurship, as women have practically carried the continent’s economy on their heads and backs. Daymond is viewed as a target, which is the primary problem.

Anyone can file a class-action lawsuit against a company selling a product in a public market in California. A vetting process that involves 30 or 100, or even 300 designers involves considerable work. 

At that point, Daymond almost becomes a burden for Zuvaa and Kelechi. This is because anyone can sue you — Lori summarizes that you may be a legal target if you have deep pockets. 

Daymond is desperate to enter, but he will become a target. Regrettably, he is not included in the agreement. Kevin is the final Shark standing. For him, stock valuation is ineffective. Finally, none of the Sharks made them an offer of money. 

Kevin does not believe the firm is worth $460,000, and the only way for the deal to happen is for him to loan the money to her. 

In exchange for a 10% stake in Kelechi’s business, Kevin proposes that Kelechi engages in a loan contract. A loan of $460,000 is designed to have a 12-percent interest rate.

After declining Kevin’s offer, Kelechi is more determined than ever to expand Zuvaa.

Final Deal: No deal between Sharks and Zuvaa.

What Happened To Zuvaa After Shark Tank?

Zuvaa has stayed strong and is one of Africa’s most active (online) marketplaces for apparel and textiles. Too much is happening on the landing page, and the website is initially too stimulating. 

Zuvaa, on the other hand, has evolved significantly since its Shark Tank appearance and now showcases a far bigger selection of African designers.

Zuvaa also includes a sales area, which currently features items priced between $45 and $140 on the high end. 

The incredible feature of Zuvaa is its affordable price. Outside the discount section, prices range from $59 to $300 for more glorious, room-stealing gowns and garbs. 

They sell apparel and accessories like headwraps, jewelry, purses, and shoes. Jewelry prices can skyrocket if the piece is made from precious stones or is extremely labor-intensive.

Zuvaa became less responsive and consumed more RAM when I continuously used it. I could not utilize the sort and filter tools, which appear to have been disregarded despite their vital role in generating sales.

Is Zuvaa Still In Business?

Anyadiegwu announced Zuvaa’s closure in a letter published in 2019. This letter states that the company grew too quickly and didn’t have the infrastructure necessary to handle increased demand.

Zuva was originally slated for reopening in 2020 under new management, but the restaurant will remain closed indefinitely.

However, with the launch of Anyadiegwu’s new company UjuuMedia, there is little doubt she has grown as an entrepreneur due to her failure, positioning herself for future success.

What Is the Net Worth of Zuvaa?

The valuation of Zuvaa was $4.6 million when it appeared on Shark Tank. The net worth of Zuvaa is $0 since the company went out of business.