With the holiday season just around the corner, Black Paper Party made a splash on the latest episode of Shark Tank. The company, which specializes in culturally diverse seasonal products and is poised to revolutionize the holiday decor space, has struck a deal with Barbara Corcoran that now values Black Paper Party at $2 million.
About the Founder
The founders’ backgrounds are as colorful as their products. Jasmine, who hails from Cincinnati, and J’Aaron, who hails from Arkansas, both have impressive corporate backgrounds, having worked with giants like Walmart, Disney, and PBS Kids.
Madia Willis, who lives in Washington, D.C., added value to the team with her international fashion experience in Ghana and textile design expertise at Target. Their combined experience and passion for retail and design ultimately led to a shared vision: to fill a clear gap in the gifting market with culturally diverse products.
Conducting business
It was against the backdrop of the Black Lives Matter movement in 2020 that Jasmine Hudson came up with the idea for the Black Paper Party. Seeking to inject some joy into these challenging times, she realized there was a lack of diversity in holiday decorations and set out to change that.
With the help of J’Aaron and Madia, the trio embarked on a mission to incorporate more inclusive design into the tradition of gifting. One of their big breaks was receiving a $100,000 business grant from Macy’s The Workshop.
Their work, ranging from award-winning gift wrapping paper illustrations to unique Christmas ornaments, quickly caught the attention of consumers and major retailers, leading to their products being listed in stores like Walmart, Macy’s, and Target. Sales have grown from $44,000 in their first year to $844,000 in annual revenue by 2022.
After Shark Tank
Black Paper Party is expected to see a significant increase in sales, especially during the Christmas season, thanks to its recent appearance on Shark Tank. The exposure on Shark Tank should help them bring in at least $100,000 in sales. According to talkbusiness.net, the company is on track to achieve $1.1 million in sales by 2023. The deal with Barbara Corcoran should close within three to six months.
You can see all of their products at BlackPaperParty.com and can also be found in-store at Walmart, Macy’s, Target, CVS, Dollar General and Family Dollar. Prices range from $5 to $75, with over 200 products to choose from.
On Target’s website, one of their best-selling products is metallic gift wrap, which has a 4.4-star rating out of 65 reviews. The founders of Black Paper Party plan to create other special occasion gifts, such as birthdays and Valentine’s Day.
In order for the business to thrive in the long term, they really need to diversify their product range, focusing solely on Christmas will limit their profit potential. They are already doing well and have over 21,000 followers on Instagram.
It’s also encouraging to see that Black-owned businesses are doing well. According to Brookings.edu, “Black-owned businesses generated an estimated $141.1 billion in total revenue in 2020.”
Categories: Shark Tank
Source: svlsf.edu.vn