Kent is a revolutionary underwear brand that manufactures pants from 100% pure Pima cotton. Unlike other brands, Kent doesn’t use petrochemicals, synthetic materials, or microplastics in their products.
Founders Jeff and Stacy Grace presented their brand on Shark Tank season 14. They entered the show with the hopes of raising $200,000 in exchange for 5% equity in their company.
Kent underwear not only stands strong against climate change but it is also made of eco-friendly material. Now let’s find out what the sharks think of the product.
Shark Tank Kent Update
- Entrepreneurs: Jeff Grace and Stacy Grace
- Business: Eco-friendly dissolvable clothes
- Ask: $200,000 for 5% equity
- Result: $200,000 for 15% equity
- Sharks: Daymond John
The founders told the sharks that the production cost of each underwear is $8 per unit, and they retail at $25. Also, the entire production takes place within the United States.
The entrepreneur duo also revealed that the company has achieved $99,000 in sales. While 15% of the business comes through retail, the majority of the sales are credited to e-commerce websites.
Although the sharks seemed interested in the product, they were concerned that people would buy this type of underwear. After listening to the pitch, Mark Cuban decided to step back from the deal. Even Daymond John found the investment to be risky and decided to drop out.
However, Barbara Corcoran offered them a deal of $200,000 for 20% equity. Since it was a live premiere, the sharks asked the audience how often they buy underwear. The answer revealed that most people buy underwear every few years.
Robert Herjavec was the second shark to offer them a deal. He proposed $200,000 but for 15% equity. Lori Greiner also showed interest by copying Robert’s offer.
Daymond John who backed out from the deal, dived back in and proposed the same offer as Lori and Robert. In the end, Jeff and Stacy accepted Daymond’s deal, signing a deal at a valuation of $1.3 million.
After the airing of the Shark Tank episode, many people liked the product. Kent Underwear received positive feedback for its unique business concept mainly on social media.
Thereafter, the company appeared in many media publications, including Treehugger, Financial Times, Refinery29, and many more. No doubt, it proved to be beneficial for the company.
At present, Kent Underwear is trying to sign a deal with some top retail stores where they can sell their underwear. The brand also introduced other clothing products.
As per sources, the company is doing good business and planning to expand its operations. It is expected that the company will soon take its business to the international level.
Kent Underwear was founded by Stacy Grace in 2016. She wanted 100% pure cotton underwear for everyday use. This is how she got the idea of designing one and turning it into a brand. After doing her research, she started designing her undergarments made of 100 organic materials. All Kent underwear is made of Goats Certified Pima Cotton.