Red dress boutique is a fashion industry especially and only for women’s clothing. Red dress sells modern and affordable clothes for women through online platforms.
Red dress boutique was named so, as its owner loved her Red dress during her childhood and it was initially opened as an offline store but later, it got boom from the online platform.
Red dress boutique at a glance:
| Business Idea | Affordable fashion Clothing for women. |
| Founders | Josh and Diana Harbour |
| Asked For | $600k for 5% equity |
| Accepted Deal | $1.2 million for 20% equity |
| Sharks | Mark Cuban and Robert Herjavec |
| Business status | In Business |
| Website | Reddressboutique |
Index:
Who owns the Red dress boutique?
Josh and Diana Harbour ( Husband-Wife ) are the founders of Red dress boutique. Diana was an employee in a company but wasn’t happy or satisfied with what she was doing, having a job is the safest option but the same job seemed painful to Diana, after which she started her own business brand – Red dress boutique.
Diana started this by selling it through eBay shops. Later, in the same year, she got a very positive response and orders to which she opened her own shop in Athens with her husband Josh. In 2010, things really went high when she started selling it through online platforms.
Did Red dress boutique get a deal on Shark Tank?
Diana, the founder of Red dress, came on Shark Tank in search of investment. What is the need for investment? Diana needed investment as she wanted to start her own designing clothing business. Diana and Josh came on the show in episode 605 and pitched for $600k for 5% equity in the business.
After the demonstration and sales numbers, sharks seemed impressed by her work. Mr. Wonderful thought that the path to go with Diana would be difficult in the future and went out. Lori Greiner didn’t feel that she would be able to help her in this and went out. Daymond said that they were fabulous in this category but he couldn’t serve his time to them and moved out.
Robert Herjavec said that he had his expertise in it and gave an offer of $600k for 15% equity in the business, duo rejected the deal. Mark Cuban also gave an offer of $ 600k for 10% equity to which Robert asked him to give a combined deal. Mark and Robert joined and gave an offer of 1.2 million for 20% of the company and they accepted the deal.
What happened to Red dress boutique after Shark Tank?
After the show, getting a deal and shark expertise boomed their sales. But their old website got crashed and was not working up to the mark. Working over it for long period, they said that this was the time to build a new one. Along with these difficulties, their sales kept growing and went up to $14million. Diana, the owner of the company, wanted to bigger the images but Mark Cuban, an investor, suggested to her that perfection is the enemy of profitability.
Josh and Diana didn’t stand stable and wanted a new website launched. Mark made them understand that they should trust him and his team can manage to run the old website again. Duo didn’t agree with Mark and signed the deal for a new website which made Mark disappointed. After this chaos, Mark still stood there to help them but wasn’t happy with their decision. Diana said that she saw Mark as a mentor but she owns the company and she knew what was right for her and her business.
After a few years, Josh and Diana decided to cancel the deal and finally took Mark’s advice. They used their money in the development of the Red dress application and their own clothing line instead of using it for a new website.
In 2014, Red dress boutique sales touched to $14million. In Jan 2019, she announced that she had bought her equity back from Mark on her social media platform. The annual Revenue of Red dress is between $10 million – $50 million.
Competitors of Red dress boutique?
Few competitors of Red dress which are trying to lower down Red dress boutique are:-
- Jonathan Woodall
- Entourage Clothing and Accessories
- Hardee Girl
What is the net worth of Red dress boutique?
At the time of the shark tank appearance, Red dress boutique was valued at around $6 million. As of 2021, their revenue crossed $20 million, and hence their valuation has grown multi-folds.
Is Red dress boutique is still in business?
Yes, As of 2021, the Red dress boutique is still going with the ongoing years. The red dress is now completely owned by Diana and Josh again.
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What is Red dress boutique?
Red dress boutique is a fashion industry especially and only for women’s clothing. Red dress sells modern and affordable clothes for women through online platforms.
Who founded Red dress boutique?
Josh and Diana Harbour ( Husband-Wife ) are the founders of Red dress boutique. Diana was an employee in a company but wasn’t happy or satisfied with what she was doing, having a job is the safest option but the same job seemed painful to Diana, after which she started her own business brand – Red dress boutique.