Silk Roll Update

SilkRoll Update | Shark Tank Season 10

ByAndrew Smith

Women often wear clothes once and leave them sitting in their closets for years, leading to over $900 billion in unused fashion. To solve this, Janet Wu and Erin Wold created SilkRoll, an online platform where women send in quality clothes, earn points, and use those points to shop for other pre-loved pieces. Here’s how it all played out in our SilkRoll update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to SilkRoll after Shark Tank.

Janet and Erin entered Shark Tank Season 10, seeking $250,000 for 3% equity in their clothing company, SilkRoll. After their pitch, they left without securing a deal.

In terms of a SilkRoll update, the company gained significant brand visibility and processed over $1 million in transactions shortly after its Shark Tank appearance. Further, SilkRoll has grown to over $20 million in lifetime sales.

SharkResult
Kevin O’LearyNo offer
Barbara CorcoranNo offer
Lori GreinerNo offer
Robert HerjavecNo offer
Mark CubanNo offer

Shark Tank SilkRoll Pitch

Shark Tank Silk Roll Update
  • Entrepreneurs: Janet Wu and Erin Wold
  • Business: Online platform to trade designer clothes
  • Ask: $250,000 for 3% equity
  • Result: No deal
  • Sharks: None

Janet and Erin pitched SilkRoll, an online platform where users trade designer clothes using points instead of cash.

Customers send in second-hand items, which the company reviews based on brand, condition, and style.

Accepted items earn points that can be used to “buy” other clothes on the site. Janet showed the sharks how the system works.

Erin explained that they reject about 25% of the clothes they receive due to low quality or damage.

Those items are donated. Customers don’t get points for rejected items, and in some cases, they lose a portion of their existing points if the items are too damaged.

Barbara Corocran asked how they handle inflated item values. Erin said they use a database to estimate fair prices based on brand and quality.

Mark Cuban said the model felt overcomplicated.

Kevin O’Leary wanted to know what happens to damaged designer clothes. Erin said they still list them, but clearly label them as damaged.

Robert Herjavec asked how the company earns revenue. Erin said they collect a 5% fee from each transaction.

Kevin asked if users knew that before using the site. Janet said yes. Robert asked for a real example.

Janet said a $200 transaction would generate a $10 fee. Erin added that they operate at a 68% margin. But the sharks were still unclear.

Robert pressed again to know how they made money. Janet said they also sell points directly to users.

Kevin asked for the company’s valuation. Janet said SilkRoll was valued at $8 million, despite earning only $35,000 in revenue in its first year. Kevin called it a rookie mistake.

Barbara dropped out, saying 5% wasn’t enough to build a strong business, and criticized the name.

Mark left next, saying the model was too confusing. Robert followed, saying they weren’t clear and should’ve just admitted they were still figuring things out.

Kevin also dropped out after rejecting the valuation. Lori Greiner exited, saying the revenue was too low to excite her.

Unfortunately, Janet and Erin left without a deal. They admitted they failed to communicate clearly but said they would continue building SilkRoll on their own.

Now, let’s take a look at our SilkRoll update to see how the company has managed to grow since its appearance on Shark Tank.

Shark Tank SilkRoll Update

Our SilkRoll update found that despite not securing a deal, the company experienced a spike in traffic and brand visibility.

Shortly after the episode aired, the platform processed over $1 million in transactions.

Co-founder Erin Wold exited the business in late 2019, while Janet Wu continued as CEO.

In 2020, SilkRoll expanded features to allow purchases with cash and not just points.

That same year, our SilkRoll update found that Janet also co-founded the Women’s Investment Club to support financial literacy among women.

By 2024, SilkRoll had reached $20 million in lifetime sales.

Between January 2023 and January 2024, SilkRoll reported saving over 19,000 pounds of textile waste and 7 million gallons of water.

If you’d like to shop for clothes, you can visit the SilkRoll website for more info!

We’re calling this SilkRoll update a success.

You can find the other company updates from Season 10 Episode 17 here:

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.

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Andrew is a lifelong fan of Shark Tank and an entrepreneur at heart. He started Shark Tank Recap because he wanted a single place to track what happens to the companies, founders, and deals after they air on TV. With a sharp eye for business insights and a passion for all things Shark Tank, Andrew makes sure every recap is accurate, engaging, and fun.