Pink Picasso, formerly known as Modern Monet Kits, is a business that offers innovative painting kits designed to help individuals create professional artwork through the popular “paint by numbers” concept. Founded by two dynamic entrepreneurs, Ashley Silfies and Brittany Silfies, their journey from its inception to its appearance on Shark Tank and subsequent success is a remarkable story that has captivated both art enthusiasts and investors.
Pink Picasso: A Creative Business Concept:
Pink Picasso is a business that stands out in the world of art by providing painting kits that make it easy for users to create beautiful, professional-quality artwork.
Each kit includes a canvas, a template, color paints, and step-by-step instructions. What makes them unique is that each color is numbered, and the instructions guide users on where and how to apply these colors to replicate a specific image. It is the perfect solution for beginners who aspire to create masterpieces in the world of art.
The co-founders of Pink Picasso, Ashley Silfies and Brittany Silfies, hail from Alabama and share a deep passion for art. Their business journey began in 2019, making them one of the many entrepreneurs who launched new ventures during the challenging year of 2020. Their a name that reflects the fusion of creativity and inspiration, quickly became a beloved brand.
Notably, Pink Picasso’s paintings are all original creations, and its popularity led to recognition as an “Oprah’s Favorite Things” winner in both 2019 and 2020. This recognition catapulted the business into the spotlight, and Ashley and Brittany decided to take their innovative concept to the sharks of Shark Tank.
Shark Tank Pitch and Investment:
In Season 13, Episode 7 of Shark Tank, Ashley and Brittany entered the tank seeking a $400,000 investment in exchange for a 5% equity stake in their company, valuing them at $8 million. Their pitch was met with enthusiasm and intrigue from the sharks.
Kevin O’Leary, known for his financial acumen, commented on the substantial valuation and asked about their sales figures. Their business had humble beginnings with a product valued at $1,500, which quickly sold out. Their remarkable journey included winning Oprah’s Favorite Things and generating $1.3 million in sales during the first year. In 2020, sales reached $3.5 million, with adult kits priced at $42 and a healthy profit margin.
In 2021, the company was projected to reach $5 million in sales. Despite their impressive profitability, Ashley and Brittany believed that they needed a mentor and partner to take their business to the next level. Their aspirations included licensing partnerships with Disney World and Disneyland.
Kevin O’Leary extended an offer of $400,000 for a 33.3% equity stake, while Daniel Lubetzky and Lori Greiner joined forces, offering the same investment amount for a 20% equity share. However, Ashley and Brittany had their own counteroffer, proposing a 15% equity stake for the same $400,000 investment. This counteroffer was accepted by Daniel Lubetzky and Lori Greiner, finalizing the deal.
Pink Picasso After Shark Tank:
Pink Picasso secured a deal with Daniel Lubetzky and Lori Greiner on Shark Tank. While the business was already profitable and successful before entering the tank, the guidance and mentorship from the sharks have likely contributed to further growth and development.
The product received increased attention after appearing on Shark Tank, and more customers began purchasing the painting kits from both the company’s website and Amazon. Although specific financial details regarding the deal were not disclosed, Pink Picasso continued its upward trajectory.
Notably, Lori Greiner conducted a Twitter poll to gauge interest in the product, with 57.9% of respondents indicating they would not purchase it, while 42.1% expressed interest in doing so. This social media interaction further solidified Pink Picasso’s presence and market awareness.
The product was also featured on the Today Show in April 2022, further boosting its recognition and sales. Pink Picasso Kids kits secured the title of “Oprah’s Favorite Things” for 2022, adding to the company’s list of achievements and accolades.
Pink Picasso’s Net Worth:
Although the initial valuation in the Shark Tank was $8 million, the deal eventually sealed with Daniel Lubetzky and Lori Greiner placed the business’s value at $2.6 million. Despite the valuation adjustment, Pink Picasso remains a strong player in the art kit market, with plans to expand its product lines.
The company continues to ship its products nationwide and offers international shipping through Amazon. The product line has grown to include over 25 different kits, catering to a wide range of artistic preferences.
Pink Picasso’s Continued Success:
As of December 2022, Pink Picasso continues to thrive and innovate. The company has recently launched new products, including “Violet Van Gogh,” indicating its commitment to expanding its product categories. Pink Picasso products are available in over 500 retail stores across Canada, the United States, Italy, and Mexico City, with a significant portion of its income coming from retail sales.
While the product has garnered a rating of 4.3 out of 5 on Amazon, it is not the primary sales channel for the business. The company’s success extends to media recognition, with features on popular programs such as Today, Good Morning America, and The Kelly and Ryan Show.
Conclusion:
The journey of Pink Picasso, formerly known as Modern Monet Kits, exemplifies the transformative power of innovation and determination in the world of art. Founded by Ashley Silfies and Brittany Silfies, this painting kit business has experienced tremendous growth and success.
Pink Picasso’s appearance on Shark Tank, where they secured a deal with Daniel Lubetzky and Lori Greiner, has propelled the company to even greater heights. The product’s recognition on social media, in addition to its feature on the Today Show and the title of “Oprah’s Favorite Things” winner for 2022, underscores its popularity and appeal.
With a continued commitment to expanding its product lines and presence in retail stores across multiple countries, Pink Picasso remains a thriving and innovative business as of December 2022. The co-founders, Ashley and Brittany Silfies, continue to inspire with their entrepreneurial journey, proving that the art of success is truly a masterpiece in the making.
