She started a company with only $500, now the company generated $355,000 – Here’s how she did it

With just $500, Philomina Kane launched Kin Clothing in 2020. The business made $355,000 in sales this year. According to Philomena Kane, stress was causing her hair to fall out.

When Kane was a Princeton University freshman majoring in biology eight years ago, she was feeling the pressure. She then completely shaved off her hair, which made her head need more support and covering as her natural hair started to grow back.

On Friday’s edition of “Shark Tank” on ABC, Kane admitted, “I noticed myself usually putting a scarf on before putting a hoodie on. “I said, “You know what?” one day. I’m going to create hoodies with satin lining.”

The 26-year-old New Yorker from the Bronx launched Kin Apparel last year with just $500. Kane said that her startup has already made $355,000 this year in sales. And on Friday, in exchange for 30% of her company’s shares, Kane received an extra $200,000 from Shark Lori Grenier and guest Shark Emma Grede.

Kin Apparel, which stands for “keep it natural,” is known for its satin-lined hooded sweatshirts that are made to protect hair from frizzing up, keep moisture in, and accommodate different hairstyles. The same satin lining is used by the manufacturer to line pillowcases, beanies, bucket hats, and bonnets.

Consider the women with large, gorgeous curls who are unable to locate hoods that will fit their hair, or the man with [dreadlocks] who is attempting to prevent lint balls from accumulating on his hair, Kane said.

Kane’s life story and personality, according to Grede, who is the founder and CEO of the denim company Good American and a founding partner of Kim Kardashian’s shapewear brand SKIMS. She added that Kin Apparel’s large, varied audience “has a great window of possibility” and that “retailers are seeking for black female founders.”

This audience has primarily come together on social media. On her personal YouTube channel, Kane has amassed close to 200,000 subscribers. There, she chronicles her hair journey and offers advice to “help black women love their natural hair,” according to Kane.

Kane has been able to avoid spending any money on client acquisition thus far thanks to the popularity of the channel and similar followings on Instagram and TikTok, which impressed the Sharks. Yet as Kane pointed out, fame can be a double-edged sword.

Due to “constantly going viral,” she struggled to keep up with demand. Kane stated that she had $150,000 in the bank and around $500 in merchandise at the time of the recording. In exchange for 10% stock, she requested $200,000 from the Sharks so she could “purchase more and cease being on pre-orders.”

Kane sought to bargain with Grede and Grenier after they replied with 30% equity, but the Sharks wouldn’t budge. You’re definitely giving something away, Grede replied. “Consider about what you get in return.” For Kane, whose grandmother was reared in Ghana, the agreement represents atonement. She claimed that her rapid profession change wasn’t always well received by her parents.

Kane had intended to enrol at Columbia University’s Mailman School of Public Health and work in global health prior to founding Kin Apparel. I received a lot of criticism for that from my relatives, she claimed.

Shark Kane should work with an investor who can balance her innovation and creativity with useful business guidance, according to Mark Cuban, who passed on the offer. The ability to recognise one’s limitations is one of an entrepreneur’s greatest assets, he advised.
Citation: CNBC Make it

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