So girls, are you uncertain about every month’s fashion trends? Or what beauty product, jewelry, or fashion accessories you should wear according to seasons.
It’s a headache with so many options!!
Any solution? Yeah, you should try “Her Fashion Box”.
Read what happened to Her Fashion Box (HFB) worth and net worth update in brief here.
What is Her Fashion Box?
“Her Fashion Box” is a global subscription service in which subscribers will get one fashion box every month. In this box, the subscriber will get 2-3 fashion accessories and hand-picked beauty products of the latest trends as per their choice.
The customer will also get a magazine inside her box which features photos and information related to those products.
Founder – Kath Purkis
Sydney-based fashion entrepreneur Kath Purkis is the lady in chief behind Her Fashion Box business. She also owns Le Black Book, an online fast fashion store for the time-poor girl on the go.
What happens during the Shark Tank pitch?
At Shark Tank, Kath Purkis – the Founder of Her Fashion Box, requested $200,000 from the Sharks as a trade-off for a 12 % return.
Later, Kath Prukis stated on the Shark Tank Show that his company currently has a business value of $1.6 million.
Purkis said that they ask 20 questions to every subscribing woman so they can get an idea of every woman’s fashion choices. It includes questions like their age, color, hair
After saying all this, Kath Purkis also gifted the box of her brand to the sharks.
In front of the Sharks, Kath Purkis presented her pitch very confidently and also spoke about the manufacturing and exporting of the products.
Sharks had liked the presentation of the Kath quite well so far. But, they want to know why Kath needs investment from Shark Tank for her business which is going so well.
Kath said that the company is not able to generate enough profit yet that it can pay the salaries of her and her workers. If the company can sell double the number of products compared to now, then the company will get a profit.
That’s why she came to Shark Tank. Kath believes that her company needs investment for marketing so that she can increase her subscribers quickly and bring the company’s current model to profit.
Kath Purkis’ current model doesn’t impress Steve Baxter, Naomi Simson, and Glen Richards much and all three sharks refused to give any investment in her product.
But, Kath’s presentation did impress Andrew and Jannie and they two wanted Kath to visit Andrew’s daughter and her friend in America to learn more about this business, and only after then they would invest $200,000 for a return of 16%.
What happened to Her Fashion Box After Shark Tank
Only a few months after receiving the investment from Shark Tank, NSW Fair Trading put a public warning on the business of Kath Purkis.
The reason for getting the warning was complaint after complaint from many customers. Some customers said that they did not get the box every month and the customers who were demanding refunds also faced problems in getting the refund.
Along with the customer’s complaint, the worker’s complaint also came soon and within a year, Her Fashion Box service was closed.
Her Fashion Box current net worth
At present, Her Fashion Box service has been closed and owner Kath Purkis has been fined $330,000 for underpaying her workers.
Federal Circuit Court in Sydney found Kath Purkis accused of underpaying workers more than $40,000 between 2013 and 2015.
Her Fashion Box was closed in 2017 and had as much as $200,000 in debt at the time.
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Her Fashion Box Pty Ltd sold fashion and beauty accessories to consumers via an online subscription model. the subscriber will get 2-3 fashion accessories and hand-picked beauty products of the latest trends as per their choice.
Her Fashion Box is not a successful business after shark tank.
Her Fashion Box was closed in 2017 because owner Kath Purkis has been underpaying her workers.
Her Fashion Box had as much as $200,000 in debt at the time.
NSW Fair Trading put a public warning on the business of Kath Purkis because of complaint after complaint from many customers. not only customers the worker’s complaint also came soon and within a year, Her Fashion Box service was also closed.