FashionTap is one of the most wanted online fashion social networks. One can sign up for free and earn money from content. It is a great platform for costume designers, fashion bloggers, and businesses to connect with their buyers and influencers.
The platform can be recognized as an affiliate marketing platform for fashion bloggers. It offers you to connect fashion industry professionals and experts utilizing trendy designs, styles, photographers, and fashion designers.
In this article, we will learn many other things about FashionTap.
What Is the Net Worth of FashionTap?
During the time of its appearance on Shark Tank, the estimated value of FashionTap was said to be nearly $1 million according to the founder. But back in July 2018, the company had stopped its operation.
What’s the Story Behind FashionTap?
The company was founded by Amy Roiland. She is already an established fashion blogger, Public relations executive, and designer. She writes for her blog “A Fashion Nerd” on FashionTap and went on to handle social media for Betty and Veronica. She started her social media platform following some negative experiences from other platforms.
Did FashionTap Crack a Deal on Shark Tank?
Amy asked for an investment of $100,000 against 10 percent of stake and this led Sharks to ask her about the necessity of this platform in an era when there are already several renowned social media platforms that including Instagram among others.
Responding to this, Amy went on to explain that other platforms are disarrayed with a lot of ads and also don’t offer the ability to add a particular object to a picture. A revenue concern was then raised by Kevin saying how they can make a 10 percent fee on purchases and get retailers’ agreement on such purchases from the application.
Mark Cuban asked about the users and it was then mentioned that the app already has around 1500 users and around 6000 people downloaded the app within a period of 6 months.
Sadly, her blog failed to promote the company or increase its revenues. Amy’s goal of earning 1 to 3 percent of total sales also did not work out and 67% stakes were held by external investors which eventually led Sharks to drop their interest in the company since it didn’t offer any significant vision to grow big.
A counteroffer of $100, 000 was made by Barbara for a 25% stake in the company but Amy turned it down and walked out.
FashionTap After Appearing on Shark Tank
The company model encouraged users to share content on the platform to make a commission from the sale without sharing the profit. Revenue streams could be divided as 10 percent stemming from e-commerce, secondly from brand sponsorships, and lastly, stream from affiliate links which would be contributing toward 5 to 35 percent of revenue.
A lot of similar companies achieved success; however, Amy couldn’t envision her business as profitable. Now, the website was put on sale for $10,000 and its social media handles are also not active.
The company had a different feature of tagging like a picture. Once, the user has formed tags in their pictures on the website of retailers then any sales from the link will benefit the user with the commission.
Is FashionTap Still in Business?
In July 2018, FashionTap ceased its operation.
We will keep you updated with all the latest information until then stay tuned to our website.