Janet Wu and Erin Wold roll into the Tank with SilkRoll, their digital clothing exchange platform for women, in episode 1014. The women set out to solve a problem. Roughly 75% of clothing in a typical woman's closet gets worn once. Then it sits in the closet for years taking up space. They estimate there is over $900 Billion in unused clothing in American closets. The women had an idea how to fix it: SilkRoll.
All you need to do is request a box and fill it with unwanted, quality clothing. The clothing earns you points based on a fair dollar value for each item. With your points, you shop for clothing on the site and those items are shipped to you. There are thousands (if not tens of thousands) of items on their website.
The women started their business with $104,773 in funding on the crowdfunding site Republic in early 2018. The two originally met at a friend's BBQ and began discussing the futility of buying high fashion. That BBQ netted them their photographer and web designer too.
Essentially, they're creating a digital currency to trade clothing. Their points (called Q's) represent a dollar value. Members pay a membership fee to join – this is recommended if you use the service a lot. Non members may shop too, but they pay a 7% service fee over and above their purchase price. To date, SilkRoll processed well over $1 million in transactions. They likely want a Shark to add a few zeroes to that number.
SilkRoll Company Information
Posts about SilkRoll on Shark Tank Blog
SilkRoll Shark Tank Recap
Janet and Erin will pitch the panel of five Sharks on the business and its prospects for growth. They'll need to convince Mark Cuban, Kevin O’Leary, Lori Greiner, Robert Herjavec and Barbara Corcoran that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but they’ll need to show them THEY are capable of running the company to “Shark standards." A full pitch re-cap on SilkRoll will be available on Shark Tank Blog once this episode airs.
SilkRoll Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on SilkRoll & Janet Wu and Erin Wold as more details become available.