Company name | Outer furniture |
Official website | https://liveouter.com |
Logo | |
Net worth | 18 BIillion+ |
Founders | Jiake Liu and Terry Lin |
Number of showrooms | 1000+ |
Table of Contents
- Overview
- Owners of Outer Furniture
- Secret Story behind the origin of Outer Furniture
- The Popularity of Outer Furniture
- Appearance on Shark Tank
- The Current Status and Outer Furniture Net Worth
- Summary
- Frequently Asked Questions (FAQs) about Terry Lin and Jiake Liu and their journey with Outer Furniture:
Overview
Outer Furniture is a company that has channeled its investments and resources into crafting high-end outdoor furniture. This company boasts an extensive range of top-tier outdoor furniture constructed from wicker. Their collection includes coffee tables, sofas, and more. Remarkably, Outer Furniture net worth is estimated of $18 billion+.
In addition to their premium furniture offerings, Outer Furniture also provides a variety of care products and outdoor furniture accessories, such as throw pillows, rugs, and covers. The core mission behind this enterprise is to revolutionize the outdoor furniture industry and the way it is presented to clients.
Owners of Outer Furniture
Outer Patio is helmed by Jiake Liu and Terry Lin. Lin, an alumnus of the Rhode Island School of Design, currently serves as the Chief Design Officer for Outer Furniture. His expertise extends to retail sales, marketing, IT, and product design.
On the other hand, Jiake Liu is the CEO of Outer Patio, a venture initiated in 2017. He has also made a name for himself as an angel investor in various startup businesses.
Visit also official website to know more about Outer Furniture net worth
Secret Story behind the origin of Outer Furniture
Terry Lin and Jiake Liu hail from the golden state of California, USA. Lin’s educational journey led him to the Rhode Island School of Design, where he immersed himself in the world of fine arts. On the other hand, Jiake pursued computer engineering and holds a degree from the University of Alabama.
Their paths diverged for more than a decade. Lin honed his design skills during his tenure at Pottery Barn, while Liu was dedicating his efforts to fueling the growth of various startup ventures. It was during this time that Liu conceived the innovative idea behind Outer.
Recognizing a noticeable gap in the outdoor furniture market, Liu embarked on a quest to find a partner with expertise in the craft industry. It was serendipity that brought him into contact with Terry Lin, and their partnership blossomed rapidly.
The Popularity of Outer Furniture
Outer Furniture has disrupted the sector by redefining how it sells its products. They maintain competitive pricing by eliminating the need for traditional showrooms. Customers can conveniently order furniture online, and for those who wish to see the products in person, Outer Furniture can arrange viewings in “neighborhood showrooms,” which are essentially the backyards of real clients.
Moreover, Outer Furniture compensates these neighborhood showroom hosts with a fixed rate, thus removing the pressure of commission-based sales. The company proudly upholds the eco-friendliness and ethical production of their furniture.
Appearance on Shark Tank
Terry and Jiake made a memorable appearance on Shark Tank, seeking a $750,000 investment for a 4% equity stake. They swiftly impressed the Sharks by generating $800,000 in just four months. Nevertheless, the Sharks were skeptical about the company’s valuation. To address this concern, Jiake and Terry clarified that their valuation is grounded in market size.
They also revealed that the company benefits from zero overhead costs, as Terry’s family covers the inventory expenses from their factory. This led to two Sharks extending offers. Kevin was willing to invest $750,000 for a 20% share of the business. In response, Lori presented an offer of a $750,000 loan in exchange for a 5% equity stake and a fixed $30 per unit royalty until a total of $1 million is repaid. After some deliberation, Jiake and Terry decided to accept Lori’s offer.
The Current Status and Outer Furniture Net Worth
The deal with Lori is still pending, but Outer Furniture continues to thrive and generate substantial revenue. By the end of 2021, the company had amassed a lifetime revenue of $45 million. Since their appearance on the Shark Tank episode, the company has garnered significant attention, especially from major publications such as GQ Entrepreneur and Forbes, among others.
Summary
Outer Furniture’s success can be attributed to its durable, elegant, and versatile furniture. The company’s growth has been remarkable, with an expansion to over 1000 showrooms.
Frequently Asked Questions (FAQs) about Terry Lin and Jiake Liu and their journey with Outer Furniture:
1. How did Terry Lin and Jiake Liu meet?
- Terry Lin and Jiake Liu crossed paths when Jiake was on the lookout for a partner with expertise in crafting outdoor furniture. Their meeting marked the inception of their successful business partnership.
2. What is Terry Lin’s educational background?
- Terry Lin pursued fine arts and studied at the Rhode Island School of Design, which equipped him with a strong foundation in design and aesthetics.
3. What is Jiake Liu’s educational background?
- Jiake Liu is a computer engineering graduate with a degree from the University of Alabama, reflecting his proficiency in the field of technology and engineering.
4. What inspired Jiake Liu to start Outer Furniture?
- Jiake Liu was inspired to launch Outer Furniture when he noticed a gap in the outdoor furniture market. He saw an opportunity to provide high-quality outdoor furniture and accessories, leading to the creation of Outer.
5. What were Terry Lin and Jiake Liu doing before Outer Furniture?
- Before their venture with Outer Furniture, Terry Lin worked as a designer at Pottery Barn, while Jiake Liu was actively involved in supporting and scaling various startup businesses.
6. How has outer furniture been received in the market?
- Outer Furniture has garnered significant attention and success, with an expanding presence in the market and positive reception from customers seeking premium outdoor furniture.
7. What is the key to Outer Furniture’s popularity and growth?
- Outer Furniture’s success can be attributed to its innovative approach to selling products, such as eliminating the need for traditional showrooms and emphasizing eco-friendliness and ethical production.
These FAQs provide insights into the background and journey of Terry Lin and Jiake Liu, as well as their successful venture with Outer Furniture.
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