Sharks Jealous of 21 Year Old's Unbelievable Monthly Income | Shark Tank AUS

[Music] if you wear this one tonight first into the tank tonight a savvy young businesswoman who's not letting a stand in her way my name is Bree Ella I'm just like any other 20 year old girl I love hanging out with my friends going to the beach and most of all I love shopping what do you think I have always wanted to run my own business even from a very early age I came up with this business idea from personal experience so it's helped me my friends and hopefully lots of other women is in Australia this 20 year old is ready to take on the world [Music] [Applause] [Music] hello my name is Bree Ella and i am the founder and director of your closet I am here today seeking an $80,000 investment for 20% stake in my business please let me introduce my gorgeous models who will be modeling some of my gorgeous dresses your closet is an online service that allows women to ranked high-end designer fashion from Australia's leading designers including Camilla Marth Nikolas and Josh group for a fraction of the purchase price let me take you back to the beginning two years ago I was invited to for formals in four weeks first world problems I know and I'm sure you were all very aware formal dresses are extremely expensive and the craziest thing is we often only wear them once it was driving my mom crazy and my dad broke and he didn't even know the full story I launched the business in August 2014 and since launching I quickly realized hey this business has some legs and it's not just applicable to young girls renting for formal it's applicable to all women who want to look fabulous when it matters most this includes going to the races New Year's Eve red-carpet galas cocktail events birthdays work functions and everything in between my vision for your closet is to revolutionize the way women look at special occasion wear and to normalize the option of renting I've got the business to where it is today by myself but I need one of you to help me supercharge your closet sharks are you ready to dress for success well a great presentation a Briella was it yes great a woman can rent a dress for a fraction of a cost a fraction of a thousand dollars tell us about that we rent our dresses out based on a percentage of their retail price so it's roughly about 18 to 20 percent of the retail price of the dress so if a dress is a thousand dollars we've rented out for about 180 to 200 so just quickly how it works is you jump onto the your closet website you view our big range of dresses and from the latest designers you pick one that you love you then choose a delivery date the dress arrives you in a pristine box looking amazing you then wear it to your event and then on a fourth day you simply slip it into a prepaid pre address satchel and drop it off to Australia Post it sounds pretty good we take care of the dry-cleaning that's fantastic Briella very clever creative idea thank you how long do I have to wait I've suddenly been invited to an event it was very short notice and I need the dress quickly what's my minimum wait time if you're in Sydney 3 hours I'll get straight away and then other capital cities one day so we can send Express to ride the next morning for you what's your size range at the moment it's 6 to 12 now the average woman is is a bit bigger than that there's sort of 12 to 14 are you cutting a lot of your market at the moment yeah they're looking to expand this over the next 12 months you know sorry I'm stay away from Briella I'm from Manley in the Northern Beaches oh no I see me okay great hey so I may do some of these functions you go to like races and formals for example it may be some depth especially the races there may be some damage to the to the dresses how is that handled what how does bonds or insurances work what happens there roughly one in two hydrogen so half a percent of dresses come back damaged women appreciate that these are gorgeous gowns and they treat that they treat them well but what happens is the one internal that are damaged in that case the customer is asked to pay a small fee and then takes on full ownership of their dress set up to pay the other ninety iid sorry dubs I do two percent is that right yes and then we just send them that dress to enjoy poor hand sorry you said a small fee so if it's if you're only paying twenty percent of the dress and a thousand all dresses small fees I $800 [Music] I guess that's one way you damage it you aren't it is that it basically yeah that's essentially in you own the dresses yes how did you get the stock I actually took out a personal loan to fund the business I must have $82,000 oh I'm 20 you're doing a great job well done thank you what's your value in dresses you have in the business place around $200,000 where are you warehousing these this is one out of my house at the moment you must have an extraordinary large wardrobe I have converted Billy every room in my house to some house Dawson parents must be very accommodating oh that can be incredibly supportive so let's talk about the revenue so far so just say the last three or four months month by month what's your revenue been 35 35 and 36 thousand yes and what you cost us against there of course our profit it runs at around 55 percent of revenue did you take a white not at the moment no wage revenue that has coming in is reinvested back into the business I have two daughters going to formals tell you I have felt your dad's pain this year for me I don't think I had a lot of value as a partner to you and that's what you need someone who understands the fashion industry's and will partner with you to help scale this up quickly and own this space in the Australian market and I think what you've done to date is sensational but on there they give you a feedback Briella Wow 20 years old I'm embarrassed on a couple of calls I was doing a 20 it wasn't this that's thirty five thousand bucks a month is incredible I've had a lot of similar dress marketplaces shoe marketplaces god knows what fashion marketplace is presented to me and they think they have a lot of trouble answering the questions that you've actually proved probably aren't issues at least in your model anyone I'm just gonna take a break on that never think excellent see what else is going to happen ladies you're the experts in this area [Music] look normally if it's something like $80,000 it's hardly worth splitting it with them some 144 it's not worth it in this case however I'm strong in digital marketing but I'm not strong Allah Geist --ax I will actually go if if Steve will help me I will actually do a deal with Steve with you on it if you're hit it'll take it the deal will be $80,000 for 30% split are you going internet ste I was trying to look at it for one act in another fashion down raela Brown is seeking $80,000 for a 20% stake in her formal dress hire business your closet Glenn is out Janine has made an offer but it's on the condition that Steve joins me are you going into that Steve just want to work in a for one act in another fashion game alright well hold that thought Noemi are you ready to go if I was to make an offer it would be dependent on really making sure that we do have sign-off on the logistics because at the moment it's literally a home-based business and your family and you will implode if that doesn't get sorted really quickly you've asked for $80,000 I'd be looking for [Music] 40% of your business okay so $80,000 for 40% Janine a provisional $80,000 for 30 percent assuming Steve may go with her are you annual look I think you are amazing and you're incredible you've what you've done you've got a great front end look that the idea is great the website is great but you're a bit like Amazon tiny Amazon you've got a huge logistics back in and that's gonna need a lot of management time and it will also really damage your margins as you grow for those reasons I'm out but I really wish you well thank you bit like a nothing but you will got your the Chairman this business one of the big issues I've got is it fashion doesn't do it for if all you ought to try and get those two to go together on 35% that's the deal you want out of this entire tank I'm out if you want I can help you negotiate with those thank you so much so Janine would you go in with me but I want 40% yeah I would certainly love to you want to sharks at 20% each can I please have a minute to discuss with my dad of course thank you now hater so you don't went all right right good yes as the office I've got so far is Janine and learning neither to women right have offered forty percent twenty percent each baby thousand dollars right what an amazing young lady I mean all right I wonder if it what my children surely she can date one of them if you felt confident that they can both add significant value to that business over the course of the next of the future do you go fifteen percent each for thirty percent first hey money I can see the house now okay bedrooms full of clothes oh yeah [Music] you spoke to your dad yes and What did he say what do you think I'm proposing 30% so 1515 for the $80,000 I'm confident in the business growth in the idea in my passion and I think the skill sets that I may bring so that's your counteroffer yes that's my kind of I thought he was 80,000 for 30% yes the the reality is also we've got to go backwards go forward because right now you're in your home so we've got to get there's got to be a warehouse there gonna be more staff so there's a there's a quite a big execution risk as in loss making the other thing is that we actually know we're gonna have to put more money into the business whatever that looks like in terms of loans or what have you because you're going to need dry-cleaning on site at the warehousing so that you don't have that as a cost and that logistics is actually critical to your growth and unless you get that right and you know what your life is like right now don't you yes I know and that is not sustainable so the investment that's going to need to be made to set that up there's going to be more capital required and you've got yeah to business women who've been there done that there's a hell of a lot of experience we're bringing to the table not just cash [Music] what I'd like to suggest as well is you know sweat for equity as you said you're not taking a wage but let's actually calculate out as we go and then you can get equity for your sweat as we go so you understand they're saying because you're working in the business yeah they'll give you the opportunity to get some equity some shares back based on your service as the CEO driving the business and that's what I did with my business take a pre Ella reality you're making the decision about how valuable will be the rest of my equity two years from now if I go with these people or whether I do my own thing make your call [Music] let's do it good decision Oh oh my gosh congratulations let's grow these business I'm your girl right and I have some wonderful sons thank you so much for your time so excited so excited to be 20 and to have Jeannine and Naomi on board now that is that's huge can you even get your head around that kiddo I feel like this is a dream right now I don't like oh my gosh laughs girls we get to really grow a young entrepreneur she's gonna be amazing that she's good she's a rocket ride let me tell you [Music] [Music] [Music]

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Views: 6,780,029

Rating: 4.8560534 out of 5

Keywords: best shark tank ideas, business, coatchex, deal, mark cuban, most successful shark tank pitches, rejected shark tank pitches that became successful, rejected shark tank, shark tank episode, shark tank pitches, top trending, shark tank show, shark tank success, shark tank, worst shark tank pitches, most successful shark tank businesses, best shark tank pitches, full episode, shark tank full episode, prom dress ideas, Your Closet, shark tank your closet, shark tank briella brown

Id: 8xUEjdgYHNs

Length: 14min 47sec (887 seconds)

Published: Sat Dec 07 2019