All of us like to be creative in any aspect of our life. Because of this many people are interested in revolutionary methods of creativity these days. So if you are one of them you should know about pink Picasso kits paint by number kits.
Read what happened to Pink Picasso worth and net worth update in brief here.
What are Pink Picasso Kits?
Pink Picasso is an adult coloring kit created to color using numbers. It contains a photograph according to the buyer’s preferences, numbered paint, and a picture with printed numbers. You can create a replica of the picture matching the colors with the numbers on the canvas.
Pink Picasso owners
Ashley and Brittany Silfies are the founders of pink Picasso painting kits. They are now a wife-wife team and used to be best friends before starting the business.
What happened at the Shark Tank?
Ashley and Brittany appeared in Shark Tank seeking $ 400,000 for 5% of equity. Kevin O’Leary, Mark Cuban, Barbara Corcoran Lori Greiner, and the guest shark Daniel Lubetzky were on the show for the deal.
Both couples share their story while explaining the kits to the sharks. Also, they provide samples to the sharks to try on.
The ladies share how they first struggled and gained $1.3 million in 2019 after mentioning Oprah’s favorite. Along with that, they share their sales of $3.5 million in 2020 and $1.4 million up to the date of the show. Also, the sharks were impressed after hearing the $5 million target.
Then they said that they are in 2100 boutiques but needed mentors and support to be a big box craft store like Michaels. Not only that they talked about their idea to be licensed partners with companies like Disney.
Kevin O’Leary firstly offers a deal of $400,000 for 33% of equity. As it refused Lori Greiner offers $500,000 for 20% of the equity with the guest shark Daniel Lubetzky. Mark Cuban was not interested but hope for the best choice.
Even Barbara was not interested in first offering a $400,000 loan for 5% equity with 8% of interest. Then Kevin provide a deal with $400,000 for 3% equity with 6%of royalty.
But finally, the entrepreneurs agreed with Lori and Daniel after they agreed to reduce to 15% equity with the same offer.
Pink Picasso Shark Tank Update
Pink Picasso kits participated in Shark Tank Season 13 Episode 7. Because the company appeared on Oprah before shark Tank it had already had a big fan base as the best product on Oprah.
It started with a $ 1500 investment and was able to earn $1.3 million. Also had earned 1.4 million for the year 2021 when appeared on the show. One kit costs around $42 at retail price and $19 at Wholesale price. The production cost is only $ 4. These numbers gained sharks’ attention on the show.
Ashley and Brittany were on Shark Tank hoping for $400,000 for 5% of their company shares. But finally, they agreed with 15% for 500,000 with Lori Greiner and Daniel Lubetzky.
Because of this new gain in popularity with the Shark Tank effect the company increased its sales and is still in business. But both sides have yet not provided any information on how the deal is going on.
also read: What happened to the Sparketh Online Art courses after the Shark Tank?
What happened to the Pink Picasso kits after the Shark Tank?
According to the official sites, the pink Picasso is still in business in 2022. Soon after the show officially aired Daniel tweeted saying how happy he is about the deal.
Before it appeared on Shark Tank it was featured on Oprah. Because of the pre gained popularity and the pink Picasso Shark Tank episode their sales increased rapidly. But both the sites have yet not confirmed about the deal was closed or how the deal is progressing.
The Pink Picasso Kit’s net worth in 2022
The company earned around $1.3 million in 2019 with just a $1500 investment. It was then able to get $3.5 million in 2020 with a profit of $900,000.when it appeared in shark thank the company was planning to earn $5 million in 2021.
After the shark tank deal, the company is said to be worth around $2.7 million in 2022. The Pink Picasso kit’s net worth in 2022 is yet not revealed.
Competitors off Pink Picasso Kits
There aren’t any competitors for Pink Picasso kits emerged yet.
Pink Picasso is a painting kit painted by a number kit. Customers can paint their design using the matching number on the picture with the color number on the paint.
The company was founded and owned by Ashley and Brittany Silfies.
Pink Picasso is located in Pensacola, Florida.
You can buy a pink Picasso kit from pink Picasso’s official site and on Amazon. Also, you can find them in local craft stores.
Pink Picasso is using acrylic paints for their kit.
According to the reports company’s net worth was $2.7 million in 2022 after the Shark Tank deal.