In the competitive world of entrepreneurship, few stories capture the imagination quite like that of Jane Wallis and Grace Frost, founders of Psychic Sisters Limited. Their journey from launching a unique wellness brand offering a range of products to securing a place in major online retailers, and maintaining a unique concession in Selfridges, has been nothing short of remarkable.
However, it is their recent venture into the Dragons’ Den that has truly caught people’s attention. With a reported year-to-date turnover of £1.2 million and interesting investment offers on the table, the Psychic Sisters seem to have successfully predicted their own success.
As we explore this journey further, the critical business decisions and the potential future of Psychic Sisters Limited in the wellness industry present an intriguing case study.
Key Takeaways
- Psychic Sisters Limited is an emerging wellness brand that offers a range of products infused with magic.
- The company has experienced significant growth in turnover, with projections for year-to-date turnover reaching £1.2 million.
- Psychic Sisters Limited has a strong presence in major online retailers and Selfridges, attracting international customers.
- The company acknowledges the need to improve their social media presence and is considering working with investor Steven Bartlett to enhance their online reach.
Psychic Sisters Limited: A Snapshot
Psychic Sisters Limited, the brainchild of Jane Wallis and Grace Frost, is a thriving wellness brand that has made significant progress in the retail sector with its unique range of products and impressive sales growth. The company specializes in providing wellness products, such as candles and crystals, infused with reiki energy.
They have successfully launched their product range in major online retailers including Asos, Boohoo, and Holland and Barrett. The company’s first-year turnover was £28,000, with the second year witnessing a surge to £94,000. The projected year-to-date turnover stands at an impressive £1.2 million.
The brand has also established a strong presence in Selfridges, becoming the only psychic concession in a department store. Wallis also generates substantial weekly revenue from another business.
Sales Channels and Digital Footprint
In terms of distribution, Asos emerges as a significant sales channel for Psychic Sisters Limited, accounting for approximately 30-35% of the company’s total sales.
The company’s digital footprint extends beyond this, with a notable presence on other online retail platforms such as:
- Boohoo: This trendy online fashion retailer caters to the company’s younger demographic.
- Holland and Barrett: A health and wellness retailer that aligns well with the company’s product offerings.
- Their own website: Though it currently accounts for a smaller portion of sales, the potential for growth is significant.
- Social media platforms: With a growing following on Instagram and plans to expand their presence on TikTok, the company is poised to connect with a larger online audience.
Investor Offers and Decision-Making
Whilst the digital presence and sales channels have played a vital role in Psychic Sisters Limited’s success, the decision-making process surrounding the investor offers emerged as a significant turning point for the company.
Offers from multiple investors, including Steven Bartlett and Touker Suleyman, were carefully evaluated by the founders, Jane Wallis and Grace Frost.
Bartlett proposed £50,000 for a 22% stake, whilst Suleyman offered the same amount for an initial 20% share, reducing to 15% once his investment was recouped. Deborah Meaden and Sara Davies also extended offers, each proposing the full amount for a 10% stake.
Each offer was meticulously scrutinised by the sisters, taking into consideration the unique value each investor could bring, ultimately influencing the company’s next strategic moves.
In-Depth Negotiations With Dragons
Amidst the whirlwind of Dragons’ Den, the founders of Psychic Sisters Limited, Jane Wallis and Grace Frost, found themselves engaged in detailed negotiations with the potential investors. The negotiations were intricate, balancing the interests of both parties whilst aiming to secure the best possible deal.
- The initial offers were varied with different percentages of equity proposed by each Dragon.
- The Sisters evaluated each offer, considering not just the financial aspect but also the unique values each Dragon could bring to the table.
It was a tense and emotional process, with the Sisters having to make tough decisions about the future of their company.
- Ultimately, they were able to secure the investment they desired, marking a significant milestone in their business journey.
Their successful negotiation underscored their business acumen, determination, and resilience.
Securing the Dragons’ Deal
Successfully navigating the challenging negotiations, Jane Wallis and Grace Frost secured a significant investment deal with the Dragons, marking a pivotal moment for Psychic Sisters Limited. The pair demonstrated their business acumen, capturing the interest of multiple Dragons. Ultimately, they chose to partner with Deborah Meaden and Sara Davies, who each offered £25,000 for a combined 20% stake in the company.
This investment offers the Psychic Sisters not only financial support, but also the Dragons’ extensive business expertise. The Sisters expressed their excitement about the deal and the future of their company, confident that this partnership will propel their brand to new heights.
The securing of this deal is a testament to the Sisters’ business savvy and the potential of Psychic Sisters Limited.
Psychic Sisters’ Reaction and Future Plans
Having secured the investment deal with the Dragons, Jane Wallis and Grace Frost are now turning their focus towards the future of Psychic Sisters Limited. The sisters expressed their excitement and gratitude for the opportunity, as well as their confidence in the future success of their business. They are eagerly anticipating the collaboration with the Dragons and the potential growth that this partnership could bring.
- The Psychic Sisters plan to expand their product line and explore new markets.
- They aim to enhance their online presence and reach a wider audience.
- They are committed to maintaining the quality and authenticity of their products.
- They foresee a bright future for their company and are excited about the opportunities that lie ahead.
