Janet Wu came onto
Shark Tank SilkRoll Update
- Entrepreneur: Janet Wu
- Business: Fashion and Clothing
- Ask: $250,000 for 3% equity
- Result: No deal
- Sharks: None
Initially, the sharks were having a hard time understanding how the business model worked. Since customers are earning and trading points when sending in their second-hand clothing items, the company only generated money on fees that are collected during the checkout process. Janet explained to the sharks that a product valued at $200 in points would be subject to a 5% transaction fee, which the company would collect when someone uses their points and buys the item.
Mark Cuban was visibly growing confused and frustrated but decided to listen to the explanation a bit longer before dropping out. Things got more entertaining when Janet tried to defend her company’s imputed valuation of $8 million when she told the sharks that her revenue was only $35,000. Kevin O’Leary grew very upset and frustrated with Janet and questioned her about even creating the company.
Barbara Corcoran also seemed frustrated and questioned the company’s name and its relation to the actual business itself, so she dropped out of the negotiations as well. The remaining sharks dropped out for a couple of different reasons, but primarily because of a confusing presentation and lack of profit.
After failing to secure a deal with any of the sharks after a confusing presentation, we are going to take a look at the SilkRoll update to see how the company has managed to grow since its appearance on
The company is still in operation and is continuing to grow its platform and the number of users that trade points on its clothing marketplace. The official website for SilkRoll is regularly updated and additional information about their platform’s shop can be found there.
Unfortunately, we were unable to turn up any new sales numbers for our SilkRoll update. However, if we uncover any news we will be sure to update this page.
You can find the other company updates from Season 10 Episode 17 here:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from