Whatever Happened To Retold Recycling After Shark Tank?
By Emily Bell
"Shark Tank" Season 14 saw Amelia Trumble and Alan Yeoh pitch their company Retold Recycling with hopes of receiving an investment of $300,000 for a 15% equity stake. After sharing their idea, the sharks are curious regarding the demand for this kind of service. The team informs them that there is a growing amount of interest regarding what to do with unwanted clothing.
Trumble dives deeper into their business model, explaining that customers buy one of their bags for $14.50 before filling it with their clothes and sending it off. The sharks find some concern with this, believing that consumers would prefer taking the time to drive to Goodwill as opposed to paying that much for a bag. Trumble states that they haven't had much pushback on this factor given the convenience their service offers.
Their sales have seen healthy growth, going from $12,000 in 2020 to projections of $500,000 by the end of 2022. This is largely contributed to their partnership with companies looking for sustainable solutions. They are currently partnered with one brand and have another one planned to launch soon. Since a good chunk of their revenue is eaten up by shipping costs, the team hope that scaling will allow them to open up more shipping centers throughout the country, especially on the west coast where most of their customer base is.
Almost all the sharks go out, with most of them not seeing a conceivable way that they'd make their money back. However, Mark Cuban thinks there's potential in placing Retold's bags in locations such as dry cleaners and 7-Eleven stores. He proposes a non-negotiable deal for $300,000 at 25% equity, which the two eventually accept.
