Black Paper Party Shark Tank Update – Net Worth, Pitch & Deal

In Shark Tank Season 15 Episode 8, three entrepreneurs Jasmine Hudson, Madia Willis, and J’Aaron Merchant are ready to pitch their exciting yet unique festive products.

Their product line is dedicated to the black communities. From gift wraps to Santas. Sharks are ready for the festive season. Let’s see if they will invest in the black communities-inspired festive items.

Black Paper Party Net Worth

Black Paper Party’s net worth is considered to be $3.5 million. The business is running in full swing. With improved marketing strategies they have a long way to go. The headquarters are in Bentonville, Arkansas, and United States.

What Happened to Black Paper Party After Shark Tank?

After Shark Tank, the Black Paper Party was popular in the media. The brand partnered with major titles and celebrities. They were invited to The Kelly Clarkson Show, CNN, Today, BuzzFeed, Black Enterprise, Women’s Wear Daily, Bloomberg, etc.

In 2021, the brand won $100,000 at The Workshop of Macy’s Pitch Competition. Later, in the same year, a collaboration with Walmart was made. Various items hit the store for its festive lovers.

Did Black Paper Party get a deal on Shark Tank?

Yes, they got a deal at Shark Tank. Barbara accepted their offer. This festive episode has epic scenes with Sharks and entrepreneurs, Make sure to check them to enjoy.

Shark(s) nameOfferDemandCounterofferAccepted?
Barbara Corcoran#1 $250,000 with 15% equity #2 $250,000 with 20% equity(with Mark Cuban)$250,000 with 5% equity#1 $450,000 with 18% equity #2 $250,000 with 10% equityYes
Lori GreinerNONONONO
Kevin O’LearyNONONONO
Daymond JohnNONONONO
Mark Cuban$250,000 with 20% equity(with Barbara Corcoran)NONONO

Black Paper Party Shark Tank Update

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Founders & Their Backstory

J’Aaron has a strong portfolio by working for Disney on the Little Mermaid project. Madia continued her journey by mentioning that both she and Jasmine are from retail. Madia was a previous textile designer at Target and was a product development and resourcing manager at Walmart. Jasmine had a good experience at Walmart in the home decor section for years.

Initial Pitch

All three entrepreneurs, Jasmine, J’Aaron, and Madia entered the hall and began with their introduction. They demanded for $350,000 with 5% equity.  Jasmine explains the best thing about the holidays is presents and gifts. J’Aaron then explained how the black American community spends double on festive than other communities on average. However, they are still underrepresented in holidays and festive events.

All three entrepreneurs cheerfully introduced their product line. The Black Paper party is all about the black family. Gifts, wraps, ornaments, and all kinds of decor. Even Santa and its elves. Various gifting wraps and decorations are inspired by black characters. The pitch was amazing and the outro was made by asking who is ready to wrap up with Black Paper Party.

Queries about the Product

Sample of various ornaments, stockings, and other items. Kevin began with his queries about the SKU(Stock Keeping Unit) items. Jasmine responded that 200 SKU items are direct-to-customer supply and licenced products. He then inquired about the designer and its production. J’Aaron is the designer, and Madia is responsible for printing it.

He continued to inquire about the retailers to which Madia replied that they are at 6 retailers this year. Walmart, Target, and the other 4 are on the list. Mark inquired about the number of stores. Jasmine mentioned that 6000 stores are currently selling their products. Lori inquired about the sales.

Jasmine begins with the year and figures. In 2020, sales were $44,000- this was before retail. In 2021, sales were $274,000, 2022 sales were $844,000, and in 2023(the filming year). Sales were $1.1 million. All Sharks were impressed with sales numbers. Lori inquired about the backstory of the entrepreneurs.

Kevin inquired about the 2022 sales and if they made money. Jasmine explained that $158,000 was a net profit of 14% of sales. Mark wanted to know if it was in cash. Jasmine replied yes. Barbara inquired if they paid themselves. Jasmine said they do now. Kevin inquired about this year to which Jasmine explained her estimate.

She said they will make $150,000 as net profit and 65% of gross margin. She concluded with profits of 57% from wholesale, 16% from direct-to-customer, and 27% from license. Mark inquired about the cost of each paper item. Jasmine said it sold for $10 and cost $2.33 to produce. Daymond inquired about their plans in future. Madia was glad to hear it and shared their plan for Valentine’s, graduation, birthday, etc.

Lori was curious why they needed a Shark with such good sales. Madia replied that they need Shark for E-Commerce and marketing strategies to scale better. Mark suspected that the retailers weren’t profitable. But Madia replied that they can manage to a limited number and have to turn down the others.

Shark’s Responses & Final Deal

what happened to black paper party after shark tank

Kevin was the first Shark to step out as he considered their distribution strategies to be very underrated and inefficient. Next Daymond was thinking of making an offer. While he was thinking, Barbara jumped in with an offer. She admired the product line and its pitch. She offered $250,000 for 15%. At the same time, Lori was explaining her reason for stepping out as she isn’t interested in seasonal products.

Mark and Barbara were in a conversation about raising the price to 20%. Meanwhile, Lori suggested working with Barbara as she had previous experience with seasonal products. And then she stepped out. Barbara stepped in with Mark after revising her deal. She offers $250,000 for 20%. Madia counter-offered for $450,000 for 18%. Mark rejected the proposal.

Madia proposed another counteroffer for $250,000 for 10%. Barbara accepted the deal, leaving behind Mark. After a big hug, all three entrepreneurs left the hall excitedly.

What Went Wrong with Black Paper Party on Shark Tank

The pitch was amazing and the entrepreneurs were perfect for the investment. But Sharks like Lori and Kevin aren’t much into the festive or seasonal business. So, they backed out for those reasons.

Product Availability

The Black Paper Party can be purchased from the nearest Walmart and Target stores. There are various items for both festive and occasional events. You can also make your purchase directly from their website. They offer free shipping for more than $100.

Conclusion

Three entrepreneurs, Jasmine, J’Aaron, and Madia pitched The Black Paper Party product line. The products are amazing and were presented very well. All Sharks appreciated the products and were excited about sales numbers. Finally, the deal was done with Barbara. After a series of counteroffers, she sealed the deal with the Black Paper Party.

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