The success of resale businesses right now hinges on consumer costs, say the investors of 'Shark Tank'
Retold Recycling aims to reduce the 12 million tons of textile waste that Americans create each year, the company's cofounders, Alan Yeoh and Amelia Trumble, told the investors of"Shark Tank."
Mark Cuban saw the potential and agreed to invest $300,000 for a 25% stake in the business during an episode of"Shark Tank" that aired in February. Here's what the cofounders learned from the celebrity investors about running a sustainable-resale business during their time in the tank. As consumers become more conscious of how their shopping habits can contribute to waste, many are looking for alternative options.
Despite consumer interest, the celebrity investors saw some hurdles for the cofounders. The guest shark, Emma Grede, the cofounder of Good American and founding partner of Skims, noted that Retold Recycling's costs could be an issue for some users, especially as people are restricting spendingCuban noted that he gives a lot of clothes away using donation centers like Goodwill."But my cost is only some time," he added.
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