S02 Episode 98 | SILKROLL, FASHION + THE SHARING ECONOMY
Throughout this episode, Janet and Erin provide insight into why they decided to build their business, using digital currency instead of ...
Only 4% of high-end, quality products sitting in America's closet are being resold online.
Why? Because your apparel depreciates faster than any other commodity. On average you get 10% cash back on what you paid when you resell the products. For most people, this is not worth the hassle.
Despite that, the online resale space is exploding, growing 3x faster than all other retail sectors.
Led by Millennials & Gen X-ers, the United States has an estimated $900B in of high-end products in closets that will never be worn again, if we don't recirculate them, all will eventually go to waste.
Before new website release.
Since new website release.
50% of our customers are 1st time secondhand shoppers and finding the ROI worth their time. Furthermore, younger generations are 75% more likely to be influenced by environmental factors when making purchase decisions.
Source: ThredUp 2017 Resale Report
USE OF FUNDS
To scale user acquisition channels, product development, and operations expansion.
Business Growth Goals:
Here's what we do with the products we receive...
1) 80% of the products we receive are high quality, qualified and recirculated
2) 20% of the unqualified products:
I:CO textile repurposing process
Our Charity Partners
Thank you for checking out SilkRoll and our campaign. Our story began with my own closet. Through my 10 years as an investment banker, the demand to “look good” was high. I ended many late nights in front the computer, shopping online for the latest designer fashion.
Even though my closet was overflowing with things I barely wore, I couldn't resist the urge to shop even more... For the ladies, you are probably nodding your head right now with the same pain point, and for the men who have females living with you, I'm sure you can also relate!
After moving to San Francisco, I found myself constantly searching for the answers to 2 questions: 1) How can I retain the value of the things I no longer want and give them to someone who'd love them as much as I did. 2) How are these products made so fast, and where do they all eventually go?
SilkRoll is created to let people share resources in such a way that doesn't take away the monetary and emotional value we attach to our possessions. It also encourages a new behavior that mobilizes the exchange and trading mechanisms which serve as economic pillars to many civilizations throughout history and today, with the end goal of eliminating endless production.
Starting with a single of rack of my own clothes, our community of women organically grew from two people of over two thousand. Friends told friends to who told more friends. Today, several months after the official release of our new website, we have paying customers spanning the U.S. from Orange County to Brooklyn, from Montana to New Mexico.
It doesn't end here. The exchange is a mechanism for all under-utilized resources in our closets, imagine men's and children's clothing, accessories, sports gear and more!
Having sat on the trading floor for a decade, optimizing the exchange is what I had already mastered, whether its stocks, bonds, or our closets! SilkRoll is merely a facilitator, or "market maker", ultimately market demand determines the true value of your tradable resources.
A market only performs at its best when there are many players in it. So come join and invest in us, as we boldly march into a new era of the sharing economy.
Founder & CEO
The smallest investment amount that SilkRoll is accepting.
SilkRoll needs to reach their minimum funding goal before
the deadline. If they don’t, all investments will be refunded.
The Crowd SAFE is an agreement for future equity in the startup,
meaning that it can convert to equity in the future.
The Crowd SAFE is an agreement for future equity in the startup, meaning that it can convert to equity in the future.
$50,000 – $535,000
SilkRoll needs to raise
before the deadline. The maximum amount SilkRoll is willing
to raise is $535K.
Please review What we take section. We strictly do not accept cheap fast fashion, damaged, worn out, stained, and inauthentic products. To maximize your experience with SilkRoll, please refrain from sending us these products.
SilkRoll is committed to lengthening the life cycle of fashion. We actively work with with strategic partners to ensure all products we receive get reused, recycled or upcycled sustainably. Please visit our Partners page for more details.
For products we don’t accept, you earn 5 points per item, up to 20 items each trade in.
You can purchase points to make up the difference. Or you can send in more fashion to earn more points.
Our points don’t expire, we will send you regular alerts once new items are in store so you can come back anytime to find things you want!
Currently we do not have the ability to buy back points from you. If you’d like to donate your points to someone else, please contact us at [email protected]
We reassign points back to you based on the condition of the products when we get them back, and if they are still consistent with the theme of the store. SilkRoll has the right to increase or decrease the amount of points reassigned, or not reassign any points back if the products are no longer in acceptable condition.
We leverage our in house data analytics tool to guide us with fair valuation of each product. Our fashion experts are also highly trained to assign points as fairly and as accurately as possible according the product’s retail value, condition, and style. If you don’t agree with our valuation, you may request all the items back within 24 hours of assignment, and we will take away the points assigned to you.
Sending in your fashion is FREE. Simply request one of our prepaid shipping bags here.
For SilkRoll members, all shipping fees are waived. For non-members, there is a $10 flat shipping fee each time you make a purchase order.
We waive all service and shipping fees for members. In addition, members enjoy perks such as new arrivals early access, exclusive invites to partner events, and much more!
This allows SilkRoll to offer you services such as quality assurance, professional photography, storage, packaging, and accessible customer support. Currently our service fee is 5% of the Qs you redeem for each purchase.
Absolutely, purchase one of our Qs packages to start shopping right away!
Our trained fashion experts assign points to each product we accept based on their estimated retail value, the condition they are in, and how much they are in demand. Most items receive 70% – 100% of their original retail value. Certain desirable products receive up to 300% of their original retail value.
SilkRoll successfully raised $104,773 from 184 investors on January 31, 2018
I am so excited to be a part of the luxury apparel sharing economy platform. Janet and the team have done an outstanding job!Yuliya RaquelInvested over 1 year ago
70% of my closet goes unused. SilkRoll helps me let go of clothes that I will never wear again and can make someone else happy. Meanwhile I get guilt-free shopping with points earned from my clothes that turned in. Endless closet!Sophia Yen MDInvested over 1 year ago
Awesome company with great founders who know what they are doing. They are transforming the fashion industry and it's brilliant that they keep the money in the SilkRoll ecosystem.Eric FettnerInvested over 1 year ago
I invest because Janet and Erin are AWESOME!Yuan ChenInvested over 1 year ago
I believe in the mission of SilkRoll, the drive and motivation behind its founder and her outstanding team. The variety of selection is remarkable and the price points are fair and provide enjoyable fashion discoveries in a sustainable way!Celeste HoffmanInvested over 1 year ago
Janet is a friend, believe her company will have a bright future. Like the idea.barry heInvested over 1 year ago
Great idea and socially reponsible.Steve WangInvested over 1 year ago
I invested because my daughter will love this.Joseph StClairInvested over 1 year ago
The founders are two of the smartest, hardest working, and most dedicated women I've ever known. I absolutely believe in the work that we're doing!Gavin FarringtonInvested over 1 year ago
Because I am a friend.Peiyi Donnie LingInvested over 1 year ago
It is time to interrupt the eco system of how we clothe the world. The impacts are enormous.justin ArbuthnotInvested over 1 year ago
Because my son is one of the founders.Susan FarringtonInvested over 1 year ago
I believe in the founder.Susan Lucas-ConwellInvested over 1 year ago
I believe Silkroll, will be super successful!!!Sandy HedekerInvested over 1 year ago
I know the co-founders and they are sharp, fun, bright and driven; just plain awesome women.Daniel FarrarInvested over 1 year ago
The founders are super smart and capable with a vision we support.Sandra PadnosInvested over 1 year ago
I believe in Janet Wu and Erin Wold. Power team!Patricia AngInvested over 1 year ago
I invested because I like the Silkroll paradigm.Diane ChehabInvested over 1 year ago
I like the business model, I like the principals, and I think SilkRoll will be a big success.Tom BettsInvested over 1 year ago
I invested because the concern on the environment is no longer a social or ethical issue. It is a civilizational issue. We need to transform our environmentally destructive (shopping) habits. And I believe SilkRoll will lead this transformation.Kristina TraegerInvested over 1 year ago
I believe Janet and Erin have a great service and a niche market. I hosted a clothing swap party for the girls and they had so much fun swapping clothes! Good luck to you all!Tina KwokInvested over 1 year ago
Erin and Janet, I am so proud of you for the empire you are building. You girls are up to incredible things and I can't wait to see where you go! Love, LindsayLindsay HirschInvested over 1 year ago
I believe in the founder and the business.Clarence CheukInvested over 1 year ago
I believe in you Janet. Your persistence will make it succeed big!Deniz BinayInvested over 1 year ago
SilkRoll is trying to fix a serious environmental problem while helping women look beautiful and enjoy the fashions we all love. Everybody wins!Jayne MillsInvested over 1 year ago
I need to change my wardrobe constantly for work and I'm on a budget!Valerie MillsInvested over 1 year ago
I’m enrolled in Erin, her ideas, and what she’s out to cause.Kathleen CorderoInvested over 1 year ago
This is brilliant and will make a lot of moneyTeresa BerlinInvested over 1 year ago
I beleive this business is part of the future !mike menkeInvested over 1 year ago
I believe this business model will be the way more people will shop and invest toward sustainable products and services.Maria SaltzerInvested over 1 year ago
We believe in share economic. SilkRoll has a great concept and Janet will succeed!Wei WeiInvested over 1 year ago
I took a risk.Zack OgurInvested over 1 year ago
Go Janet Wu!Fei WuInvested over 1 year ago
Personal confidence in the founderDavid FloyerInvested over 1 year ago
I believe the market for this service is very large. Great concept.Regan WoodInvested over 1 year ago
I believe in their mission and the social responsibility that they bring into their business.Sandra HannsInvested over 1 year ago
Very interesting company. Great concept! A great environmentally and socially responsible business. Good to help with this type of business.Michael HallInvested over 1 year ago
I have been involved in recycling reuse on the big island, Hawaii for the last 15 years. What you have created is great. I am happy to be able to support what you do. Keep up the Awesome work. Am looking forward to the men's aspect of this business.Timothy LloydInvested over 1 year ago
Management team is very reliableWendy GuoInvested over 1 year ago
Thank you for breathing new life into unused clothes and helping the environment.Son PhanInvested over 1 year ago
I think most women would like this idea.Mesidor AzorInvested over 1 year ago
I've invested because sustainable fashion is important and the more use we can get out of something collectively the better it is for the planet instead of buying new. And it's easier on people's wallets too :)Viktor BezicInvested over 1 year ago
I like that Silk Roll is 100% sustainableEugene AllenInvested over 1 year ago
Nice sustainable ideaTT Mai TruongInvested over 1 year ago
I want to explore this marketBrandon AndrewsInvested over 1 year ago
Very interesting business modal with exchanges. #womenempowermentHarish EmmadiInvested over 1 year ago
I like the conceptAdam FieldsInvested over 1 year ago
IntuitionRichard H KainuInvested over 1 year ago
It is a revenue generating business with an interesting concept.Matthew LancasterInvested over 1 year ago
area of interest $100david richardsInvested over 1 year ago
My wife has a closet full of clothes and no easy way to resell what she does not wear.Todd MacaulayInvested over 1 year ago
Based in Bay Area. Millennial founders. Multi year track record.william wayInvested over 1 year ago
I think it is a good idea. I personally have clothes that I would like to get out of the closet. This business is already making moves, so that is good.Joel CoolInvested over 1 year ago
Agree that individuals have a great opportunity to monetize their closets.Niyati ShahInvested over 1 year ago
The business concept makes perfect sense for multiple reason.Todd LaRocheInvested about 1 year ago
CrewCrewElisabeth CrosbyInvested about 1 year ago
because Janet is my best friend and i would simple want to support her! all the best and keep the spirit on, Janet!Christine ChaiInvested about 1 year ago
Sharing is caring and the planet needs a break. SilkRoll incentivizes women to shop for quality while simultaneously meeting our current societal need for quantity. For this and many other positive reasons, I'm in!J. MichaelInvested about 1 year ago
I believe in the concept.Daphne NicholsonInvested about 1 year ago
I believe in innovative ideas, and Silk Roll is a great one.Brent BohuslavInvested about 1 year ago
Fabulous idea, incredible. I'd love to get involved and help you grow in digital marketing. MattMatthew WatsonInvested about 1 year ago
I believe this business has the potential to serve a massive market and deliver high returns for investors. I'm also really excited to support female and minority founders.Bryan MillsteinInvested about 1 year ago
I know Erin, she's an amazing woman; and the idea is incredible. Good work ladies!Cori BrownInvested about 1 year ago
I trust Erin Wold!!! I love Janet. I love the company!! I love the commitment :)Kate NesquikInvested about 1 year ago
I believe the team is committed to the work - and they are providing a service that will have growing need over the coming years.Eric De FeoInvested about 1 year ago
i invested in SilkRoll because i invested in SilkRollRajdev SinghInvested about 1 year ago
I believe in my very intelligent niece and Co-founder of the company. I want to support her in her efforts to reuse perfectly good clothes and not fill up our dumps!Nanette Wold JohnsonInvested about 1 year ago
I invested in SilkRoll as they've met a need & helping make use of unused and/or unwanted resources & the numbers paint the picture...they can only scale up & expand overseas....Roger ChanInvested about 1 year ago
200Miriam Dretler-WinnegInvested about 1 year ago
I see a huge need for women(and men) in this area. Janet and Erin are the ones to make this available.Jeffery ChinInvested about 1 year ago
I believe in SilkRoll's vision to create a 'greener' online marketplace for fashion lovers. Thank you!Teo Choong ChingInvested about 1 year ago
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