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.
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 the 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.
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.
Inviting Sharks to Supercharge ‘Your Closet’
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. By the customer, the 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$. She still maintains her stocks at her house. However, being just 20 years old Briealla’s business impresses sharks.
Your closet Revenue being only 35-37K$ 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 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.
How does Your Closet Looks like in 2021?
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.
Your Closet net worth in 2022
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.
The official website of Briella’s Your Closet business is: https://yourcloset.com.au/