Second-hand clothing sales is not a new concept but the way SilkRoll is doing business truly is. This company, presenting on the next episode of Shark Tank, has taken the age-old idea of high-end fashion consignment shopping to the next level.
The idea behind SilkRoll is that fashion lovers can send in high-end fashion pieces that they don’t wear anymore and receive credit for them in the form of points. They can use those points to purchase high-end clothing that someone else sent in.
The founders of SilkRoll, Janet Wu and Erin Wold, explain to the sharks that their clothing exchange business is one of a kind in that it’s the only one in the world that uses a point-based system.
It’s not clear yet how the stars of Shark Tank will respond to that idea since those turning in clothes essentially are getting credit instead of cash for their high-end pieces.
If successful, this process may be appealing to an investor, who won’t lose money when items are sent in. However, there’s also the issue of those looking to sell their designer clothing for cash, which isn’t an option with SilkRoll.
There are several designer labels listed on the SilkRoll website that they accept for send-ins and offer up for sale to those looking for quality, lightly used apparel. They also offer both women’s clothing and designer bags.
Those looking to buy can either send in gently used pieces in exchange for points or they can purchase a points package in order to get the pieces they want.
Will the women behind SilkRoll get the investment they need to grow their business? We’ll have to tune in and see if the sharks bite.
Shark Tank airs Sundays at 10/9c on ABC.
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