Retold Textile waste is one of the most unnoticed environmental issues now. Those who contribute to the problem the most is the household textiles and garments. Every year a lot of clothes are thrown away and they end up in landfills.
This is harmful for the environment. Not only that this is also a waste of valuable resources and potential for reuse. If you want to solve this problem you have to decrease the amount of textiles that end up in landfills. At this please, Retold Recycling comes in.
Retold Recycling is a subscription-based recycling service that helps to transform unused clothes and textiles into helpful ones. This is a California-based startup that saves the recycled fabric from going to landfills which has also an outstanding effect on the environment.
In the cutthroat world of entrepreneurship, appearing on ABC’s “Shark Tank” can be a make-or-break moment for many aspiring entrepreneurs. Retold is one such success story. It is a company that not only encountered the Sharks but emerged victorious, proving that innovation and resilience can pave the way to success.
This recycling business was started in 2019 by Amelia Trumble and Alan Yeoh to prevent clothing from going to landfills. Both these co-founders decided to do this business to save the planet and make a significant contribution.
Amelia was very worried about old and unwanted clothes for a long time. She knew that throwing these garments in landfills is also not useful for the environment.
Amelia and Noelle Sadler Delory introduced the business in September 2018. In 2019 Alan entered this business to become a part of saving the world.
Amelia as well as Alan made up their minds to appear on Shark Tank season 14 episode 14 to develop their recycling business. Appearing on Shark Tank, they appealed to the sharks for an investment of $300,000 in exchange for a 15% equity stake in the business at $2 million in valuation.
In this article, we are going to delve deep into the journey of Retold, drawing its steps from the Retold Shark Tank pitch to its present status as a prospering business.
Retold Recycling is valued at $1.2 Million. The recycling facilities market size in the United States is estimated at $10.2 billion. The growth of this industry is improving continuously every year. 11.3 million tons of textile waste is found in the US every year and this is a massive problem.
A Short Overview Of ReTold Recycling
The California-based subscription service Retold helps to recycle unwanted garments and textiles. This service is popular for making any type of clothes usable and sending them to thrift stores, donation centres, recyclers, resellers, and up-cyclers.
This recycling company saves clothes from going to landfills with its service, which does not have much effect on the environment. Everyone in America can take the edge of these recycling services.
People have to first purchase the empty bags of this service which is available on One Time and subscription. Those empty retail bags also come up with a prepaid label that specifies the bag to the recycling team.
Then you need to add all the unused and unwanted clothes to the empty retail bags, paste the prepaid level in it and keep it outside the post box, doorman, mail room, etc. After that, the service team of Retold will come and take this bag from home.
The cloth you have kept in the bag will be recycled and sent to thrift stores, donation centres, recyclers, resellers, and up-cyclers. This service also recycles unique types of shoes along with apparel.
The cost of 3 empty bags is $41.50 and the quarterly subscription bags are $24.75. If you buy an annual subscription you need to spend $94. In the retold subscription model, users will be also able to get rewards on certain shopping sites along with Vitaminaswim, Podandparcel, alloys, and many more.
The Genesis of Retold
Amelia Trumble and Noelle Sadler Delory launched the retold recycling service business in September 2018 in California. Alan Yeoh joined the business in 2019. Noelle left this business in August 2022 to become the Chief Marketing Officer at thredUP.
The Background Of Amelia Trumble
Amelia is the co-founder and CEO of this firm. She has completed her education in marketing at RMIT University. After completing her studies she served as a marketing manager in different companies like Fairfax Digital, The Estée Lauder Companies, and many more.
She operated the business successfully. After this, she served as a Growth Advisor at Render Better in 2021.
The Background Of Alan Yeoh
Alan is another co-founder of this firm. He received his Master of Business Administration degree from The Wharton School. After this, he has served in different positions in companies like The Vitamin Shoppe, Uber, Airbnb, and many more.
He joined Walmart as VP and head of CRM & Lifecycle in September 2020.
The retold recycling business was founded in 2018. However, it was relaunched in 2019 when the co-founder of the company was changed. The co-founder of this company, Amelia, who used to do marketing work in MAC Cosmetics before, took the business forward with the help of her knowledge and skills.
This brand has also introduced a referral program. For this, the company would offer a 15% discount on each referral. This recycling service business is thriving very well in America and they are planning to develop the business in every state.
The co-founder made up his mind that he would go to Shark Tank to get an investment. Besides funding, marketing on national TV would also be done free of cost.
Retold: Shark Tank Pitch
The journey on Shark Tank is usually a nerve-wracking experience, as entrepreneurs pitch their ideas to a panel of high-profile investors called the “Sharks.”
The Retold team confronted the challenge head-on, presenting their business model, product or service, and financial projections.
Amelia and Alan both entered Shark Tank and represented Retold on Shark Tank. They were looking for an investment of $300k in exchange for a 15% equity stake in their business.
They tried to make the sharks understand how clothing influences landfills and launched their recycling business as a solution.
They began this business sale in July 2020 with $12,000. In 2021 there was an incredible rise in sales. They managed to generate $175,000 in sales that year. The average profit of last year was 43%. They also told the shares that they were expecting to earn $500,000 in sales by the end of 2022.
Shipping cost accounts for 80% of their earnings. 20% of the customers of the business are in California.
What Was The Reaction Of The Sharks After Hearing The Pitch?
The sharks have different opinions after hearing the Retold Shark Tank pitch from its founders. Here is a brief description of the Shark’s reactions:
Kevin O’Leary said he would have been recycled before he ever got that back. That is why he went out of the deal.
According to the shark Emma Grede this business was not perfect for investing in her. Saying this, she dropped out of the deal.
Lori Greiner said that she did not find the business appropriate for investing. That is why she went out of the deal.
According to Robert Herjavec it was not a business, it was a mission. That is why he was out of the deal.
Mark Cuban was ready to invest $300k in exchange for a 25% equity stake in their business. He had also added that the offer was non-negotiable. Alan asked the shark to give a few minutes so that they could think. At that time Robert said that he could not believe they were thinking. Kevin O’Leary said that they were crazy.
Striking A deal
When Mark offered to invest $300k in return for a 25% equity in the business, and said that they would not be allowed to negotiate the offer, Alan told Mark Cuban to allow him some time to make a decision.
Amelia asked Mark Cuban if he was ready to make the deal in return for a 22% equity. When Mark Cuban refused this, the founders of Retold, Amelia and Alan finally accepted Mark’s proposal.
So, at last, Mark Cuban invested $300k in Retold Recycling in exchange for a 25% equity.
Also Read: What Happened To FlunkkOFF After Shark Tank
Retold Post-Shark Tank Success
The journey of Retold after Shark Tank did not end in the Shark Tank studio. Entrepreneurs must navigate the challenges of scaling their business, fulfilling orders, and maintaining the velocity generated by the show.
As soon as the Shark Tank Retold Recycling episode was aired, this company shared a video on its official Instagram account. In the video, Amelia was noticed fulfilling numerous orders. It would not be wrong to say that this business obtained thousands of orders after Shark Tank.
After doing B2C, now they are delivering B2B recycling solutions. Now they are also trading branding bags.
The co-founders of this recycling business, Amelia and Alan gave an outstanding pitch in front of the sharks after appearing on Shark Tank.
All the sharks made up their minds not to invest in this business except Mark Cuban. There was a lot of negotiation between Mark Cuban and the co-founder and in the end, they signed a deal in exchange for 25% equity.
Is Retold Recycling Still Active In Business?
This recycling service business started its journey in 2018 but in 2019 this business was relaunched. The sales of the business started in 2020.
Those who are going to take their first steps to sustainably dispose of their clothes have tons of options with Retold Recycling. Their website allows the visitors to choose between buying a single, three-pack, or ten-pack of bags depending on the amount of clothes they want to throw out.
Retold also provides quarterly and annual subscription services for those who are looking to make recycling a regular habit.
As discussed on “Shark Tank,” the Retold Recycling team has also incorporated business initiatives into their list of services so that more brands can think sustainably.
The contract enables the customers to buy one of Retold’s bags and print the label from the partnered company’s website. This not only increases the exposure of Retold more exposure, but also it serves an environmentally-conscious image on the other brands. Verizon, Hines, and Vitamin A are some of Retold’s current affiliates.
Retold’s aim to spread awareness of its green efforts has spread far and wide. Besides remaining active on Instagram and Facebook, the team have also appeared at events such as the Rags to Riches Textile Upcycling Summit.
Furthermore, Retold has been enclosed on platforms such as CNN, Shoutout LA, Bustle, and Women’s Wear Daily. The estimated net worth of the company is $1.2 million.
The brand has been featured in a lot of media publications along with Bustle, Hunker, WWD, and more.
According to their LinkedIn, a total of 2-10 employees are working in this service business and the headquarters of this firm is in California, United States.
So, as of 2023, the business, Retold Recycling, is still active in business.
What Is Nxt for Retold Recycling?
Although Retold Recycling was not able to break any “Shark Tank” records, that hardly seems to be a qualifier for their success. At its core, Retold Recycling strives to move public perception about the little ways they can live more sustainably.
In doing so, the brand is not only attempting to be at the forefront of this conversation but is also discovering other ways to boost public awareness.
While speaking with Angeleno in July, co-founder Amelia Trumble shared the luminous road ahead for Retold’s future. She shared that they were expecting to have their first pack of bags for sale in retail stores by the end of the year.
She had also added that they were also working on two new bag products and planning to expand their business internationally alright they knew that it was a longer and tough play.
With this growth, Trumble and the company hope for Retold to have quick recognition amongst the public. Trumble continued that they were very excited to get Retold bags into the hands of many more consumers and to become synonymous with textile recycling.
Now by using its platform, Retold is trying to strengthen other voices who are in the fight for sustainability. The official website of the company includes a page for a “Sustainable Store,” which highlights products from other environmentally-conscious small businesses favoured by the Retold team.
The suggested things range from deodorants to potted plants. For most people, it is not at all so easy to find ways to go green, but Retold is on the verge of making this an everyday stand.
Retold’s journey from the Shark Tank stage to its current status is a testament to the opportunities that originate when innovation, determination, and strategic partnerships align. As we explore the pivotal moments in Retold’s history, we gain insights into the broader lessons that can inspire and guide ring entrepreneurs on their paths to success.
Who are the persons behind the foundation of Retold Recycling?
Amelia Trumble and Alan Yeoh are the co-founders of Retold Recycling Service Business. They started the business in 2018.
Did Retold get any deal from the Sharks on Shark Tank?
Yes, the founders of Retold managed to secure a deal from one of the sharks named Mark Cuban for their business Retold.
What is the valuation of Retold Recycling?
As of 2023, the valuation of Retold Recycling is $1.2 Million.