{"id":42440,"date":"2023-10-20T15:21:14","date_gmt":"2023-10-20T15:21:14","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/sydney-entrepreneur-scores-a-80000-deal-on-shark-tank-from-naomi-simson-and-janine-allis-startupsmart\/"},"modified":"2023-10-20T15:21:14","modified_gmt":"2023-10-20T15:21:14","slug":"sydney-entrepreneur-scores-a-80000-deal-on-shark-tank-from-naomi-simson-and-janine-allis-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/sydney-entrepreneur-scores-a-80000-deal-on-shark-tank-from-naomi-simson-and-janine-allis-startupsmart\/","title":{"rendered":"Sydney entrepreneur scores a $80,000 deal on Shark Tank from Naomi Simson and Janine Allis – StartupSmart"},"content":{"rendered":"
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Dress rental service Your Closet was the only business to secure an equity deal with the sharks in Thursday’s episode of Shark Tank<\/em>.<\/p>\n

Founder Briella Brown locked in an $80,000 investment split between sharks Janine Allis and Naomi Simson, for a combined 30% stake in the business.<\/p>\n

Your Closet is a luxury dress rental service, allowing women in Australia to rent designer dresses for events instead of purchasing new ones.<\/p>\n

It aims to increase dress accessibility for customers, stating, \u201ca beautiful product shouldn\u2019t only be experienced through owning it\u201d.<\/p>\n

Brown told SmartCompany<\/em> after Thursday’s episode, Your Closet saw a \u201cmassive boost\u201d in both traffic and interest.<\/p>\n

\u201cWe weren\u2019t expecting many immediate rentals, as not all women have an event on this weekend,\u201d Brown says.<\/p>\n

\u201cOur social media exposure grew exponentially overnight, I didn\u2019t expect this much.\u201d<\/p>\n

A \u201cpriceless\u201d experience<\/h3>\n

Although Brown says she was nervous on the day of her pitch to the sharks, she says the experience was \u201cpriceless\u201d, especially as she had never done something like it before.<\/p>\n

The pitch went well, but one of Brown\u2019s dress models fainted half way through, which gave her a minute\u2019s respite.<\/p>\n

\u201cOne of our models fainted, but thankfully Glen Richards noticed and ran up like a superhero to catch her,\u201d Brown says.<\/p>\n

\u201cShe\u2019s fine now, but it actually gave me a second to take a break and catch my breath.\u201d<\/p>\n

Taking a few more breaths is what Brown wish she\u2019d done during the pitch, feeling that she failed to explain herself properly a few times.<\/p>\n

\u201cI do wish that I\u2019d taken a second before answering each question and just relaxed a little more,\u201d she says.<\/p>\n

\u201cI think I didn\u2019t properly explain how dresses get ruined, which could\u2019ve made my pitch a bit clearer.\u201d<\/p>\n

Despite that, Brown says the deal\u2019s due diligence period is over, and the business has been experiencing strong growth.<\/p>\n

Your Closet experiences most of its sales in the June-December period, with a lull occurring towards the start of the year.<\/p>\n

\u201cIt\u2019s a seasonal business, in our best months we see 1000-2000 thousand rentals,\u201d Brown says.<\/p>\n

“Smart, lovely and a gun”<\/h3>\n

Following the investment, Brown says her company\u2019s key focus is to increase its range of designer clothes.<\/p>\n

Apart from offering larger sizes, which Brown wants to have done by the end of the month, the store will look to expand its rentable accessories range.<\/p>\n

\u201cWe\u2019re looking at establishing a solid backend, which has been a little bit difficult,\u201d she says.<\/p>\n

\u201cThis hasn\u2019t been done is Australia, so it\u2019s all new tech.\u201d<\/p>\n

Janine Allis, one of Brown\u2019s investors, stated on her blog that Brown is \u201csmart, lovely and a gun.\u201d<\/p>\n

\u201cBriella is extraordinary young lady who is going to be a great business woman,\u201d Allis said.<\/p>\n

For other entrepreneurs, Brown has one piece of advice.<\/p>\n

\u201cIf I didn\u2019t pursue this like I did I would have really regretted it.\u201d<\/p>\n

\u201cJust throw yourself in there and see what happens.\u201d<\/p>\n

This article was first published on SmartCompany.<\/em><\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter,<\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Dress rental service Your Closet was the only business to secure an equity deal with the sharks in Thursday’s episode of<\/p>\n","protected":false},"author":2,"featured_media":60329,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42440"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=42440"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/42440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/60329"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=42440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=42440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=42440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}