Pink Picasso Shark Tank Update: An Artistic Journey To Success
A few reality shows provide the level of exposure and potential for growth that ABC’s Shark Tank offers struggling businesses. One company that benefited immensely from their appearance on Shark Tank is Pink Picasso.
Founded by Ashley and Brittany Silfies, Pink Picasso creates paint-by-number kits that have attracted hobbyists and amateurs alike. Their story begins with their Shark Tank pitch and continues with their company’s evolution.
So, what became of Pink Picasso after the Shark Tank appearance? In our Pink Picasso Shark Tank update, we’ll explore the company’s journey from the Shark Tank episode to its current status.
Pink Picasso Shark Tank Profile
Here’s the company profile of Picasso at a glance.
| Name of Company | Pink Picasso |
| Founded On | January 2019 |
| Founders | Ashley and Brittany Silfies |
| Product (Idea) | Paint-by-number kit for kids and adults |
| Episode No On Shark Tank USA | Season 13, Episode 7 |
| When It Aired (Air Date) | November 19, 2021 |
| Investment Asked For | $400,000 for 5% stake |
| Final Deal | $400,000 for 15% stake |
| Sharks | Lori Greiner and Daniel Lubetzky |
| Business Status | In business |
| Company’s Website | Pink Picasso kits |
| Headquarters | Birmingham, AL, USA |
| Net Worth 2023 (Estimated) | $5 million |
| Lifetime sales (Estimated) | $12 million |
| Watch Now on | Amazon Prime |
| Buy It on Amazon | Amazon Store |
At the Start of Pink Picasso
In early 2019, Brittany and Ashley invested $1,500 to attend an Atlanta wholesale market to launch their paint-by-number kits. The product sold well, so much so that it made it onto Oprah’s Favorite Things list.
The revenue figures for Pink Picasso in 2019 and 2020 show significant growth. Their revenue growth from $1.3 million in 2019 to $3.5 million in 2020 demonstrates fast growth even before Shark Tank’s appearance.
When Was Pink Picasso On Shark Tank? Pitch on the Shark Tank
Pink Picasso appeared on Shark Tank on November 19, 2021, during Season 13, Episode 7 of the show. Brittany and Ashley pitch their product, paint-by-number, showcasing a selection of their kit. They seek a $400,000 investment for a 5% equity stake in Pink Picasso.
The Sharks try out the product and are impressed. But they have concerns about the valuation of $8 million. However, following negotiations, the company’s worth comes to $2.6 million.
But it’s their backstory, strong growth, profit margins, and projected sales figures that truly get the Sharks hooked. Ashley and Brittany’s present sales figures for 2019 are $1.3 million, $3.5 million in 2020, and a projected $5 million for 2022. The manufacturing cost per kit is $4, with wholesale and retail prices of $19 and $42, respectively.
The numbers impress the Sharks, with four Sharks trying to secure a deal with Pink Picasso. Here’s how it played out on Pink Picasso Shark Tank Episode 7:
- First offer: Kevin O’Leary offers $400,000 for 33% equity
- Second offer: Lori Greiner and Daniel Lubetzky team up with $400,000 for 20% equity
- Third offer: Barbara Corcoran offers a loan of $400,000. But she asked for an 8% interest as well as a 5% stake in Pink Picasso
- Fourth offer: Kevin O’Leary revisits his first offer, making it $400,000 for a 3% stake. Kevin also asked $6 royalty per kit sale.
Ashley and Brittany counter Daniel’s and Lori’s offer, reducing equity to 15%. The Sharks accept the deal.
What Happened To Pink Picasso After Shark Tank?
Pink Picasso today stands tall among players in the art and craft industry. Apparently, the deal with Lori and Daniel fell through. Nevertheless, Ashley and Brittany believed in the potential of Pink Picasso, with an unwavering determination to boot.
It’s highly likely that the exposure from the show significantly increased awareness of Pink Picasso’s products. For one, it has witnessed media acclaim and recognition. For instance, appearances on prominent TV shows like Good Morning America and The Kelly Ryan Show further amplify the company’s reach.
Besides its official website, Pink Picasso has an extensive retail presence. And E-commerce global reach. You can find paint-by-number kits in over 2,000 retail stores in the United States. Also, it makes its products available to a global audience through the retail giant Amazon.
Our analysis of the official website shows that Pink Picasso has diversified its product range to cater to a broader audience. Among the new offerings is an exciting product named “Violet Van Gogh.”
Nevertheless, Ashley and Brittany’s ambitions don’t end there. Pink Picasso has ambitious plans to explore even more new product categories.
What Is the Net Worth of Pink Picasso?
Pink Picasso’s net worth was $2.6 million as of 2022 after Shark Tank’s appearance. This is based on the Sharks’ valuation. But what of the current net worth?
Most sources put Pink Picasso’s net worth at $5 million. But without verifiable sources or financial documentation, we can’t say the figure reflects the Company’s true net worth.
Apparently, estimated net worth figures published by media outlets are often just speculations based on incomplete information. But from Ashley and Brittany’s projected growth, we think the figure is around the $5 million mark.
Pink Picasso Sales Data
Based on Ashley and Brittany’s Shark Tank pitch, we can tell the exact sales figures for 2019 and 2020. They’re a bit reluctant regarding the 2021 sales but anticipate sales worth $5 million. Plus, they project a 25% growth for the year 2022.
Here’s a table that highlights Pink Picasso’s annual sales.
| Year | Sales |
|---|---|
| 2019 | $1.3 million |
| 2020 | $3.5 million |
| 2021 | $5 million (estimated) |
| 2022 | $5 million |
| Lifetime sales (Estimated) | $12 million |
Is Pink Picasso Profitable Now?
Pink Picasso has been making a lot of profit. As Ashley puts it, their profit margin for 2020 was $900,000. Now, our Pink Picasso update shows that the Company has grown exponentially, expanding its customer base. This shows that Pink Picasso is raking in huge profits.
Wrapping Up
It’s true from our Pink Picasso Shark Tank update that Ashley and Brittany’s deal with the Sharks didn’t close. Nevertheless, their Shark Tank appearance was definitely a turning point for the Company, as it helped them gain exposure.
But it’s Ashley and Brittany’s continued efforts toward their mission that played a huge role in propelling Pink Picasso to become a global art sensation.
