SilkRoll Shark Tank Net Worth 2023
SilkRoll appeared on Shark Tank in March 2019, requesting an investment of $250,000 in exchange for a 3% stake in the company. The valuation of SilkRoll was $8.3 million when it appeared on Shark Tank.
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.
SilkRoll’s net worth is above $1 million as of 2023. However, there are conflicting reports about the net worth of SilkRoll founders Janet Wu and Erin Wold-Fettner.
According to one source, they have a net worth of $3 million as of 2022.
Another source states that although we don’t know the exact amount Silkroll is worth today, we do know that it isn’t anywhere near the $8 million evaluation they had put on their company.
What is SilkRoll? Who is the founder of SilkRoll?
SilkRoll offers a unique service for those who have a surplus of clothing and accessories that no longer fit or are no longer worn.
The concept involves sending in high-end designer garments, with free shipping available, to receive Q points in return. The number of points received can be appraised online prior to sending in the items.
The co-founders and CEOs of SilkRoll, Janet Wu and Erin Wold, developed the idea to address the issue that approximately 75% of the apparel in the average woman’s wardrobe is worn only once and takes up valuable space in the closet.
The solution they devised was SilkRoll, which allows individuals to exchange unwanted clothing for Q points, a virtual currency that can be used to purchase new apparel or accessories from the site.
SilkRoll also allows for item exchanges with other members, and their website has a vast selection of apparel and accessories to choose from.
In early 2018, the company received over $100,000 in donations through the crowdfunding platform Republic.
Janet Wu, a former investment banker in the United Kingdom and Asia, and Erin Wold, who has experience in operations and logistics, first met at a friend’s BBQ and bonded over their shared belief in the wastefulness of buying expensive fashion. From that conversation, SilkRoll was born.
Membership is available for those who frequently use the service, and non-members can shop on the site but are subject to a 7% service charge on top of their purchase price.
SilkRoll has completed over a million transactions to date and is revolutionizing the way we think about buying and exchanging clothing and accessories.
SilkRoll at Shark Tank Pitch
In episode 17 of season 10 of Shark Tank, Janet and Erin decided to pitch their company, SilkRoll, to the Sharks in the hopes of accelerating their product’s journey to the market.
Their goal was to secure a $250,000 investment in exchange for a 3% stake in their company, which they valued at $8.3 million.
During their presentation, the Sharks were not impressed with SilkRoll’s revenue strategy, which involved a 5% transaction fee and the sale of points for prices ranging from 25 to 55 cents.
Additionally, the Sharks were frustrated to learn that the company’s total revenue was only $35,000 per year. Janet and Erin attempted to defend their business with buzzword answers, but the Sharks remained unconvinced.
As the pitch continued, Barbara was the first Shark to back out due to the low revenue. Mark followed shortly after, disliking the use of jargon.
Robert didn’t understand the business and opted out as well. Kevin and Lori were the last to leave, citing the high valuation. Kevin even suggested billing the women for wasting his time.
Despite leaving the show without a deal, SilkRoll continued to work hard to grow their business. As of the initial airing of the episode in June 2019 and still as of December 2021, SilkRoll remained operational and successful, generating an annual revenue of $1 million.
Competitors of SilkRoll
The major competitors of SilkRoll are; Reflaunt, Spreadshirt, Zilingo and RebelsMarket.
Net Worth of SilkRoll
The valuation of the company was $8.3 million during and after the pitch. Since then the company have been doing well in sales with annual revenue of $1 million in 2021. This justify that the company net worth has increased.
SilkRoll FAQs
What is SilkRoll?
SilkRoll is a one-of-a-kind garment and handbag swaps or trade concept for anyone who has an overflowing closet full of things that may no longer fit. Or those once-worn goods that haven’t been seen in years.
Who is the inventor?
SilkRoll was created by co-founder and CEO Janet Wu and business partner and friend Erin Wold. Janet, a California mother who worked as an investment banker in both the United Kingdom and Asia at separate stages in her career.
How much were asking on Shark Tank?
They were asking for $250,000 for 3% stake in the company.
How much was the final deal?
They did not get a deal on Shark Tank.
Is SilkRoll still in business?
The company is still in business as of December 2021. The company’s annual revenue is $1 million.
Where are they based?
SilkRoll are based in San Francisco, California. They are also now operating online in the United States and Asia.
How Much Money Does SilkRoll Make In A Year?
The company’s annual revenue is approximately $1 million.
Where can I find out more about SilkRoll?
Customers can find out more about SilkRoll on their website.
What is their website?
The website of SilkRoll is silkroll.com.
What is the full name of SilkRoll?
There are two ways to become a member: 1) Buy a 10 Q membership for $60 ($5/Q) which provides you with 10 points to spend on new apparel and accessories; OR 2) Get a one-time lifetime membership credit for $6 (six months in advance from date of payment).
How does SilkRoll work?
Customers may send in their high-end designer brand garments (free shipping is available) and gain Q points in return. They may also have them appraised online ahead of time to see how many Q points you’ll get.
Is SilkRoll a scam?
No, it’s not. SilkRoll is a real company.
How can I purchase SilkRoll products?
Customers can purchase the company’s products from their website silkroll.com.
How do I pay for SilkRoll?
Customers can pay for their orders using VISA, MasterCard, American Express and Discover.
How do I sell my clothing to SilkRoll?
Customers can sell their clothing to the company via the website silkroll.com.
Can I buy a membership for my SilkRoll account?
Yes. One can purchase a 10-Q Membership for $60 which allows them to obtain 10 Qs per month when they send in their high-end designer brand garments. The points have a monetary value between $0.
Does SilkRoll have a return policy?
Customers can return any item received within 14 days of delivery for a full refund.
How do I cancel my SilkRoll account?
A customer can contact the customer service department to cancel their SilkRoll account.
How do I schedule a pick-up with SilkRoll?
Customers can schedule a pick-up in three simple steps: 1) From the My Account page, select the item(s) they want to send. 2) Click on “Schedule Pickup.
Who is Janet Wu?
Janet is the CEO of SilkRoll. She is also the inventor of SilkRoll and takes care of all the operational side of the business.
She is originally from China, and she has been successful in many areas, one being her focus on her family. Janet Wu is happily married and has two children, who are currently both in college.
Who is Erin Wold?
Erin Wold is a co-founder of SilkRoll. She is also a chief marketing officer of the company. She spends her time finding new ways to market SilkRoll to potential customers every day.
What is the net worth of Janet Wu?
Janet Wu’s net worth is estimated at $1 million.
What is the net worth of Erin Wold?
Erin Wold’s net worth is unknown.
