Jan 23, 2018
In episode 98, Kestrel welcomes Janet Wu and Erin Wold, the cofounders of SilkRoll, to the show. The ultimate community to trade and discover high quality fashion from style-mates around the world without spending an extra penny, SilkRoll's vision is to build the world’s largest shared closet.
"The way that the resale
space works is that our clothes depreciate really fast in second
hand ... the minute you buy something from the retail store, pop
the tag, wear it once, and the next day you try to put it on a
second hand site to sell it, it's going to be worth less than 50%
of what you paid for it."
-Janet Wu, cofounder + CEO of SilkRoll
Throughout this episode, Janet and Erin provide insight into why they decided to build their business, using digital currency instead of dollars as their primary currency. And, they explain why they believe SilkRoll has large potential for scalability.
Additionally, Kestrel asks Janet and Erin to share their thoughts on the state of fashion, and where they see the sharing economy fitting into the industry at large.
The below thoughts, ideas + organizations were brought up in this chat:
- "SilkRoll is not a traditional resale site or consignment site, and it's not rental."
- Based on SilkRoll's research, there are about $900 billion worth of women's clothing alone, sitting in America's closets, not being worn.
- "Women spend over $200 billion a year in America on clothing and apparel."
- "Right now, we wear on average 20% of what's in our closet."
- If interested, you can request a SilkRoll trade-in kit here
- SilkRoll recently opened up the opportunity for anyone to invest in their company through the Republic platform. If interested, you can make an investment to SilkRoll here