Best friends and business partners, Wives Ashley and Brittany Silfies, appeared on Shark Tank season 13 to pitch for their business, Pink Picasso. The duo presented their beautiful art pieces and introduced their product as a modern-day stress buster that can help people relax and unwind. All you need to do is match the paint with the number and fill it in. The Sharks were impressed by their high margins and profits and were eager to place their bets. The duo asked for a $400,000 investment for 5% equity stakes, and the Sharks dove for the kill!
What Is Pink Picasso
Pink Picasso is a craft kit that includes a high-quality canvas, template, paint, and brushes. Founders Wives Ashley and Brittany Silfies supply their consumers with everything they need to create their own masterpiece. Each giftable tube has a photograph showing what the final product would look like and mentions the estimated time for completion. Pink Picasso is the modern-day craft that enables you to paint at your own pace and be proud of your aptitude in a subtle way.
Dressed in the color of their business, entrepreneur Brittany Silfies and Wives Ashley made a strong case for their craft business in front of the Sharks on Shark Tank season 13. The duo demonstrated how their product helped people enjoy and relax while creating beautiful art pieces. They explained that anyone can harness their artistic talents with the right means. At the end of their pitch, the ladies asked the Sharks if they were willing to help them create an entrepreneurial masterpiece, and the Sharks were ready to chase the red!
Lori opened the conversation by asking if the beautiful pieces the duo brought in with them were Pink Picasso’s, and Ashley attested to the claim. She further added that most of the images included in Pink Picasso were her own photography, prompting the Sharks to nod in approval. Kevin wondered if the product was another paint-by-number variation. Ashley explained that although Pink Picasso might seem like another iteration of old-school crafts and puzzles, it offers the convenience of storage; consumers don’t need to tiptoe around their work and keep it out in the open. Once the paint dries, the template can be folded and stored in the tube until the next time you are ready to paint.
Barbara was curious about how the two ladies met and the origins of their business. Silfies revealed they were best friends and stay-at-homes moms, doing life together until they hit a snag. They broke apart from their respective husbands and had no idea how to navigate life from that point forward. They had three children, two apartments, and a lot of utility bills and expenses to wade through and no one but each other to rely on. Pink Picasso was Ashley’s Eureka moment that came to her when she stared at a wall for too long. She was a photographer and had an eye for craft and design, so she roped in her friend and children to get the first batch of Pink Picasso in the market.
Mark agreed that many success stories emerge from the no-risk venue, explaining that people get creative when they have nothing to lose. The Sharks wanted to know their numbers and were surprised by their profits. The duo made $1.3 million in sales in 2019 after making into Oprah’s list of favorites with just a $1500 initial investment on the line. While the COVID pandemic hit many businesses hard, it was an opportunity to grow for Pink Picasso. People wanted to keep busy and feel productive, and Pink Picasso was just the right horse to place their bet. They made $3.5 million in sales in 2020 with $900,000 in profits and were expecting to close at $5 million in 2021.
The Sharks were shocked by their margins and wanted to know what they were expecting from them.
Ashley admitted that their business has surpassed its estimated capacity, and they don’t know how to avoid stagnation. They were already dealing with 2100 boutiques but had no idea about big box boutiques. Kevin joked that if they needed someone to call the Michael’s, the duo elaborated they wanted to license with household names like Disney and Pixar.
Kevin jumped in with his offer immediately. He wanted to own one-third of their company for $400,000, and the rest of the Sharks shook their heads in disbelief.
Lori and Daniel joined forces and offered $400,000 for 20% equity stakes. At this, Barbara intervened and told the duo they didn’t need anyone to grow their business. Daniel was quick to miss her, saying if she didn’t have an offer, she should leave the ladies be. His comment instigated Barbara to come back with a different offer; she was willing to give them a $400,000 loan at 8% interest for 5% equity stakes. Kevin revised his offer and was willing to settle for 3% equity stakes for the same amount and a $6 royalty per unit sold.
Mark pulled out of the negotiations, saying the other Sharks knew more about the niche than him. He also encouraged the duo to accept Barbara’s offer, but Daniel emphasized two Sharks were better than one Shark. After much contemplation, the duo asked Lori and Daniel if they would go down to 15% equity stakes for the same amount, and the Sharks agreed.
Pink Picasso closed the deal with Lori and Daniel.
Unfortunately, the deal with Lori and Daniel fell apart in the negotiation phase. Still, just as Barbara predicted, the business is set for smooth sail for an indefinite time. The kits are available at over 2000 art supply shops, Amazon, and Pink Picasso’s official website.
Our Review of Pink Picasso
Pink Picasso embodies the essence of self-care and mental peace and enables an individual’s creative talents in the most accessible way. In an era of sensory overload, consumers actively seek ways to unwind and unplug, and Pink Picasso fills that void efficiently. The beautiful paintings are therapeutic and instill a sense of accomplishment in consumers upon completion. We feel that Pink Picasso was able to create a splash in the market because it rose to meet the modern challenges in the simplest ways.
Pink Picasso can continue its winning streak by cutting down on its sales margin and making the product more affordable for its audience. Despite the quality, they might lose out to their competitors if they don’t reduce their margins, and that can send their whole business on a downward spiral. Additionally, they must employ every means to crack the big box retail.
Pros of Pink Picasso
- Easy to use
- Decorative value
Cons of Pink Picasso
- Limited availability
Who Is Pink Picasso for?
Pink Picasso is for everyone who wants to try their hand at art and craft without any stakes. The product provides a creative outlet for kids and adults by making art accessible even for amateurs.
Are There Any Alternatives?
Despite its success, Pink Picasso is nothing out of the box, which is why it’s butting heads with many competitors. Masterpiece By Numbers, Just Paint By Number, Canvas By Numbers, and Painting By Numbers Shop are a few of its alternatives that provide the same service, if not better.
Our Final Thoughts
We think it was wise of the founding duo to pass on the Sharks’ deal as it served no purpose in the long term. Their business was already a success, and everything they needed was within reach. They just needed to hire the right staff to help them with the licensing, and it didn’t make sense to give a fraction of their company to make that happen.