Frill Clothing Shark Tank Net Worth 2023
Frill Clothing Shark Tank Net Worth
As of February 2023, Frill Clothing’s founders Kate Steadman & Sharon Bui have a net worth of $4.8 Million.
Frill Clothing is a line of clothing and accessories founded in 2012 by Kate Steadman and Sharon Bui to serve the Greek community, specifically sororities. The company has grown faster than the industry average since its founding.
In March 2015, Frill Clothing was featured on Shark Tank America. Kate and Sharon sought $100,000 in exchange for 20% of the firm. This equates to a $500,000 valuation.
They accepted an offer from Barbara and Kevin of $100,000 for a 30% stake thus bringing the valuation to $333,333.33.
They explained that there are over 3,000 sororities in the US and Canada and that Frill guarantees no other sorority will have matching clothes.
Since its appearance on Shark Tank, Frill Clothing has continued to grow. In 2021, they had a revenue of $6.8 million and they continue to offer mix-and-match options for any body type through their collections such as Classic Collection Belle Collection Magnolia Collection.
What is Frill Clothing? Who are the Frill Clothing’s founders?
Frill Clothing is an e-commerce website specializing in formal wear for sororities in the United States. The website offers a line of designer wear and formal clothing, which can be customized based on fittings, linen, and color preferences.
The apparel and accessories can be ordered at a reasonable price for domestic, corporate, and university events.
The founders of Frill Clothing are Kate Steadman and Sharon Bui. Kate, who had been a sorority member, was tired of spending a lot of money on unappealing clothing every year.
Sharon identified several issues that arose with bulk orders for sororities, such as insufficient stock, inability to try on clothes, and the risk of another sorority ordering the same outfit.
Therefore, Frill Clothing was established in 2012 to cater to sororities, providing personalized, sorority-themed clothing.
Their original concept, “recruitment clothing,” aimed to create a consistent style for sorority members and their recruits. They have since expanded into bridal wear, as well as everyday dresses, shirts, and accessories.
The company is completely online, and dresses and skirts are priced between $40 and $100 or more.
To place an order, customers can visit the Frill Clothing website, select a design and fabric, provide their measurements, and even personalize it with monograms. Frill Clothing then manufactures and sends the garment to the customer.
All of Frill Clothing’s clothing is made in the United States, and a portion of their profits is donated to the Make-A-Wish Foundation.
Frill Clothing Shark Tank Pitch
Kate and Sharon made an appearance on the 21st episode of season 6 of Shark Tank, seeking $100,000 in exchange for a 20% stake in their company, which was valued at $500,000.
During the show, they discussed the custom of wearing matching outfits during sorority rush week and assured the Sharks that their company, Frill, had no competitors offering identical clothing to sororities.
There are around 3,127 sorority chapters in the United States and Canada. When asked about profit margins, Sharon explained that each custom skirt costs $24 to make and sells for between $60 and $70.
Frill Clothing has generated $400,000 in sales, with $37,000 of that being made during the two years that Kate and Sharon were still in college.
The Sharks questioned the potential for repeat orders, to which Kate revealed that each sorority member typically spends an average of $500 during rush week. Sharon identified one direct competitor for Frill, as well as larger retailers like J Crew and LA Pultzer.
Although Mark had experience teaching dancing to sorority members and enjoyed the market, he ultimately passed on investing in Frill.
However, Robert, Barbara, and Mr. Wonderful made offers for varying percentages of equity. The girls then negotiated with Kevin and Barbara to reduce their stake to 30%, securing a $100,000 investment.
After the show, the girls met with Kevin to discuss the future of Frill. The Shark Tank appearance led to an 800% increase in website views, but there was still more work to be done.
In 2016, Kate and Sharon sold the company. Today, Bui works as a software project manager at Lenovo, while Steadman is a real estate broker in the Raleigh-Durham area.
What is the Net Worth of Frill Clothing?
Kate and Sharon appeared on Shark Tank season 6 episode 21 and seek $100,000 in exchange for 20% of the firm. This equates to a $500,000 valuation.
They accepted an offer from Barbara and Kevin of $100,000 for a 30% stake thus bringing the valuation to $333,333.33.
Who are Frill Clothing Competitors?
Frill Clothing faces stiff competition from several large box such as J Crew and LA Pultzer.
Frill Clothing FAQS
What is Frill Clothing?
Frill Clothing is an online boutique that sells sorority-themed apparel.
Who is the Founder of Frill Clothing?
Frill Clothing was founded by Kate Steadman & Sharon Bui in 2012 to provide tailored sorority apparel and assist with sorority recruitment.
How much were they seeking in the Shark Tank?
They were seeking $100,000 in exchange for 20% of the firm.
Did they get a deal from the Sharks?
They received an offer of $100,000 for 30% stake from Kevin and Mark.
Is Frill Clothing still in business?
In 2016, the ladies sold the company.
Where are they located?
Frill Clothing is based in Raleigh, North Carolina.
How much does Frill Clothing cost to make and to sell?
Skirt costs $24 to create and ranges between $60 and $70.
What methods of payment do they accepts?
Frill accepts credit cards from the following companies: Visa, MasterCard, American Express, and Discover.
At the moment of purchase, their credit card will be charged. Frill exclusively takes checks for sorority orders.
When a sorority inquires about special items, this will be discussed.
Where are the founders now?
Sharon Bui works at Lenovo as a software project manager, and Kate Steadman is a real estate broker in the Raleigh Durham region.
What episode of Shark Tank was Frill Clothing featured?
The episode featured in season 6 episode 21.
What is website of Frill Clothing?
Their website is www.frillclothing.com.
What is the net worth of Kate Steadman?
Kate Steadman’s net worth is unavailable.
What is the net worth of Sharon Bui?
Sharon Bui’s net worth is unavailable.
