Lack of time, money, or self-assurance in one’s creative ability prevents many people from exploring their creative side. This is especially true for people who are looking for a stress-free, calming approach to unwind or for busy parents.
That’s where Pink Picasso, the product of Ashley and Brittany Silfies, comes in. They developed paint-by-number kits so that anyone could express their creativity without feeling overly creative. Even for those with no previous art-making knowledge, the kits are easy to use and provide everything needed to produce stunning works of art.
Ashley and Brittany presented their innovative firm on Shark Tank, seeking $400,000 in exchange for 5% ownership. Did the entrepreneur get a deal on Shark Tank? Check out our Pink Picasso update to find out!
Pink Picasso Net Worth 2024
Ashley and Brittany Silfies asked for a $400,000 investment in exchange for 5% equity in their company, Pink Picasso. This meant they valued their company at $8 million. They made a deal with Lori Greiner and Daniel Lubetzky for $400,000 in exchange for 15% of their company. This new deal valued their company at approximately $2.67 million. After the show aired, Pink Picasso continued to see significant growth and was featured in major retailers and praised by celebrities. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Pink Picasso in 2024 is about $3.94 million.
Pink Picasso Shark Tank Update
As for a Pink Picasso Update, it kept expanding and prospering following its Shark Tank appearance. Reese Witherspoon and other celebrities praised Ashley and Brittany, and they were highlighted on Oprah’s Favorite Things. Ashley and Brittany were showered with good exposure. They had initially agreed to an agreement with Lori and Daniel for the show, but they ultimately opted to keep complete control over their business instead of pursuing it.
Pink Picasso remains operational and continues to grow as of today. Wear Your Sole is an inventive shoe decal product that they have created, along with new paint-by-number lines. Major stores like Michael’s and online are increasingly selling their products. The company’s founders are thrilled about their sustained success and will continue to concentrate on direct-to-consumer sales.
Yes, Ashley and Brittany were successful in their Shark Tank deal. They asked for $400,000 for 5% equity. After some negotiation with Lori Greiner and Daniel Lubetzky, they agreed on $400,000 for 15% equity.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daniel Lubetzky and Lori Greiner | $500,000 for 20% stock | $400,000 for 15% stock | Yes |
| Lori Greiner | Partnership with Daniel | N/A | N/A |
| Kevin O’Leary | 1# $400,000 for 33.3% equity.2# $400,000 for 3% equity plus a royalty of $6 per kit sold. | N/A | No |
| Barbara Corcoran | $400,000 loan for 5% equity and 8% interest | N/A | No |
| Mark Cuban | Out | N/A | N/A |
Pink Picasso Shark Tank Pitch
Best friends and business partners Ashley and Brittany Silfies founded Pink Picasso in response to their desire to support their families in a way that suited their artistic abilities. Ashley, who has experience in both photography and manufacturing, had the idea of creating paint-by-number kits based on her photos. Making art accessible to all people, even those who didn’t think of themselves as artists, was the aim.
There were difficulties along the way. They had to work hard to launch their firm at just $1,500 at first. But as their unique product quickly became popular, they discovered they were selling out and growing their company more quickly than they were expecting.
Ashley and Brittany introduced Pink Picasso as a paint-by-number kit that enables anyone to produce stunning artwork for their Shark Tank presentation. The pink Picasso kit comes with high-quality canvas with a template for customers to paint. The kits also include everything needed to finish the artwork, including paints, brushes, and a premium canvas, and are conveniently rolled into tubes for storage. Their target market included both hobbyists and people searching for a mindful, unwinding pastime.
Pink Picasso had already made significant sales at the time of their pitch, rising from $1.3 million in 2019 to $3.5 million in 2020. In order to grow their firm and expand into big-box retailers, they requested $400,000 in exchange for 5% stock. Their sales and future development potential impressed the sharks. Keep reading our Pink Picasso update to see what happens next!
Kevin O’Leary inquired about the sale of the products. The founders explained they launched their business in 2019. They spent $1500 on the product and did good sales. They made $1.3 million in the first year.
Daniel further asked about the sale of 2020 and 2021. They replied they made $3.5 million from sales in 2020 and $1.4 million in 2021. They are expecting to reach $5 million in total revenue this year.
Daniel also questioned the cost and retail price of the product. The founders responded the kit for adults from 16 to 20, costs them $4. They wholesale it for $19 and retail for $42.
Mark asked about the profit from the business after every expense. The founders revealed they made $900,000 in profit last year.
Lori wanted to know, as they were doing great in business with huge profits, then why did they want a shark? The founders responded they want a mentor that guides and supports them to reach higher places. They wanted to expand their business more than this.
Lori Greiner and Daniel Lubetzky made an offer of $500,000 for 20% stock because they were so excited about the product’s potential. After some negotiation, they settled on $400,000 for 15% stock, which the founders accepted.
Kevin offered $400,000 for 33.3% equity. After some time, Kevin changed his offer to $400,000 for 3% equity plus a royalty of $6 per kit sold.
Barbara initially declines to make an offer, as she thinks they don’t need a shark.
Then she offered a $400,000 loan for 5% equity and 8% interest, but the founders declined her offer.
Mark Cuban decided not to offer any deal because he thought he wasn’t the right partner for their business.
Product Availability
From our Pink Picasso update research, its items are offered for sale on their website Pink Picasso, on Amazon, and at big-box stores like Michael’s. The kits usually have a starting price of $42. Pink Picasso kits come in a variety of themes, such as floral and landscape designs. They provide easy-to-store and entertaining paint-by-number kits for grownups. The business has also added Wear Your Sole, a new line of shoe decals, to its lineup of products.
Conclusion
Pink Picasso had an era of success on Shark Tank, as their inventiveness and company expansion won over the panel of judges and the viewers. Even though the agreement, including Lori Greiner and Daniel Lubetzky, fell through, the business is still growing and changing, branching out into new markets with significant retailers.
Ashley and Brittany are still focused on encouraging creativity in everyone through their paint-by-number kits because their resolve to maintain complete ownership of their business has paid dividends. We are eager to see what fresh concepts and innovations they will offer in the future!
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
