As the festive season twinkles into life, Black Paper Party made a splash on the latest episode of Shark Tank. The company specializes in creating culturally diverse seasonal products and are set to revolutionize the holiday decoration scene, The founders closed a deal with Barbara Corcoran and now Black Paper Party is worth an estimated $2 million.
About the Founders
The founders have backgrounds as vibrant as their products. Jasmine, originating from Cincinnati, and J’Aaron, hailing from Arkansas, both boast impressive corporate backgrounds with giants like Walmart, Disney, and PBS Kids.
Madia Willis, living in Washington, DC, adds value to the team with her international fashion experience from Ghana and her textile design expertise at Target. Their combined experience and passion for retail and design culminated in a shared vision: to fill a glaring void in the gift-giving market with culturally diverse products.
Launching the Business
It was amidst the backdrop of the Black Lives Matter movement in 2020 that Jasmine Hudson conceived the idea for Black Paper Party. Striving to inject joy into a challenging time, she recognized the lack of diversity in holiday decorations and set out to change the narrative.
Enlisting the help of J’Aaron and Madia, the trio embarked on a mission to infuse the gift-giving tradition with more inclusive designs. One of their big breakthroughs was winning a $100,000 business grant from The Workshop at Macy’s.
Their creations, from award-winning illustrations on gift wrappers to unique Christmas ornaments, quickly caught the attention of consumers and major retailers alike, leading to their products being stocked in stores such as Walmart, Macy’s, and Target. Sales have grown from $44,000 in the first year to $844,000 in annual revenue by 2022.
After Shark Tank
With their recent appearance on Shark Tank, Black Paper Party is bracing for a significant surge in sales, particularly during the Christmas season. The exposure from Shark Tank should help them drive at least $100,000 in sales. According to an interview with talkbusiness.net, the company is on track to do $1.1 million in sales for 2023. The deal with Barbara Corcoran should close within three to six months.
You can see all of their products on BlackPaperParty.com and buy them 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 sellers is a metallic gift wrap with a 4.4-star rating from 65 reviews. The founders of Black Paper Party plan to make gift items for other special occasions, like birthdays and Valentine’s Day.
For the business to thrive in the long term they really need to diversify their range of products, focusing purely on Christmas limits their profit potential. They’re already doing a great job and already have over 21,000 followers on Instagram.
It’s also encouraging to see a black-owned business doing well. According to data from Brookings.edu, “Black-owned firms brought in an estimated $141.1 billion in gross revenue in 2020.”