Your Closet is a business that gave goosebumps to Australian Shark Tank viewers in 2014. Briella Brown being a teenager back then makes Sharks go envious of her with her business model in Your Closet. As of 2023, the estimated worth of “Your Closet” is $2 million.
- 1. Your Closet net worth in 2023
- 2. How does Your Closet Looks in 2023 ( Latest update)
- 3. What is Your Closet?
- 4. Who is the owner of your closet?
- 5. How did it start?
- 6. What happened to your closet at the Shark Tank?
- 7. Your Closet Shark Tank Update – what happened after Shark Tank?
- 8. Official website
- 9. FAQ
Your Closet net worth in 2023
Since 2014, Your Closet has grown at a rate of over 100% year over year and rented out the retail equivalent of over $8 million worth of dresses. Your Closet has an estimated net worth is $2 million as of 2023.
How does Your Closet Looks in 2023 ( Latest update)
Your Closet now has over 2000 designer dresses for you to choose from & is functional through entire Australia. Expanding its territories Your Closet now provides In-store makeup services & Bridal Dressing as well.
What is Your Closet?
Your Closet is a business that helps women to rent out high-end fashion designs for affordable prices. It allows people to rent High-end designer fashion from Australia’s Leading fashion designers Such as Camila Marth, Nicolas & Josh. This online-based business allows users to wear very expensive designer wear for a fraction of the purchase price.
During the Shark Tank Pitch, Briella Brown interprets to the Sharks the reason why she chose to work through this model of business.
Who is the owner of your closet?
Briella Brown is currently the Founder and Managing Director of Your Closet, She is based in Sydney, Australia. Brown has a piece of advice to offer to other entrepreneurs.
“If I didn’t pursue this like I did I would have really regretted it.”
“Just throw yourself in there and see what happens.”
How did it start?
She explains through her own experience how a formal dress could be really expensive for someone to afford & how is not being used more than once. To give out a solution to this problem, Briealla comes up with Your Closet in August 2014
She quickly learns that this business model could be applied to not just young girls but to all women making her realize that this business could thrive rapidly.
Common events such as New Year’s Eve, Red carpet events & Gala dinners demand a woman to dress in the most stunning dress or a traditional dress such as Sarees. Briella found the most powerful solution to keep women not being broke by wearing designer-class dresses.
Briella has a unique vision too. She wants to revolutionize the way women look at special occasions. She also wishes to normalize the option of renting.
What happened to your closet at the Shark Tank?
Phrasing Briealla’s great presentation at the Shark Tank, Andrew Banks Jumps in first asking the actual price of renting. If the dress is retailed at 1000$, one can rent the same for just 180$, Briealla Explains.
In case of a dress gets damaged during the renting process. The customer, customer has to keep the dress by paying the full retail price. This concerns sharks but Briella explains that is only a 0.5% chance.
Briella funds her business through her own personal loan of $82K. She still maintains her stocks at her house. However, being just 20 years old Briealla’s business impresses sharks.
With Your Closet Revenue being only $35-37K sharks show a loss of their interest. Dr. Glenn Richards pulls himself out of the table becoming the first Shark to go out.
Janine makes a proposed deal to come along with Steve to split 80K$ for a 30% share of the company. Naomi also takes her chance to make an offer of 80K$ for 40% making it twice the company’s stake Briella initially wanted to give out. Naomi explains why logistics is her main fact to consider.
Andrew Banks also jumps out without making a deal. This leaves only two deals on the table for Briella & her company Your Closet.
Finally, Briella was left with only one offer Naomi & Janine both come in for 40% of the business taking 20% each.
Before making a decision Briella consults her dad. With the help of her dad, she comes back to the tank with a counter-proposal asking for sharks to take only 30%.
Although Your Closet may show the future of a thriving business. Two lady Sharks are still concerned about the fact that Your Closet is still being operated on at Briella’s home.
Finally, Briella makes up her mind to accept the 40% deal after granting herself the opportunity to own back her shares through equity vesting.
Your Closet Shark Tank Update – what happened after Shark Tank?
Briella Brown accepted a deal from Naomi Simson and Janine Allis on the Australian Shark Tank in 2014, giving them 40% of the company in exchange for an investment of $80,000.
The website traffic of Your Closet reached 80,000 visitors on the night the show aired, causing the website to crash! During the first three years, the company experienced a growth rate of 100% annually.
By June 2017, the company had rented out dresses worth $8 million and generated approximately $1.6 million in revenue.
“Your Closet” has received a 3.9-star rating from 187 Trustpilot reviews. It is still performing well despite no recent sales figures being made public. But The pandemic had a significant impact on “Your Closet”.
In 2020, with a close friend, Briella co-founded Avant Studio, an eCommerce platform that offers customized jewelry. She currently serves as the Marketing Director at the company.
Briella Brown still owns Your Closet. She remains in control of the business and continues to lead the growth and success of Your Closet.
The official website of Briella’s Your Closet business is: https://yourcloset.com.au/
Briella Brown is 22 years old (born in June 1995).
No, Briella Brown has not sold Your Closet. She is still the owner of the business and is working hard to scale it up.
Briella Brown is currently the Founder and Managing Director of Your Closet, an online dress rental service. She is based in Sydney, Australia.