During the season premiere of
Shark Tank Kent Update
- Entrepreneurs: Stacy Grace and Jeff Grace
- Business: Environmentally friendly dissolvable clothes
- Ask: $200,000 for 5% equity
- Result: $200,000 for 15% equity
- Sharks: Daymond John
One pair of Kent underwear costs about $25 dollars at retail, but it only costs about $8 dollars per unit to make and is entirely produced within the United States. The company’s gross sales are just about $99,000 dollars and have grown three times since the company’s first year of business. Almost all of the company’s sales are on e-commerce, while only 15% of the company’s business sells in retail.
Some of the sharks had concerns about whether people would actually be interested in this type of underwear. Mark Cuban wasn’t willing to invest, so he dropped out. Daymond John also didn’t see a pathway forward because it was too risky, so he dropped out as well.
Barbara Corcoran wanted to make an offer to Stacy and Jeff. She decided to offer $200,000 dollars in exchange for 20% equity. Since it’s the live premiere of Season 14,
Robert Herjavec decided to make an offer of $200,000 dollars in exchange for 15% equity. Lori Greiner also was interested, so she copied Robert’s offer and wanted 15% equity. Daymond John jumped back into the pond and decided to also make an offer of $200,000 for 15% equity. Stacy and Jeff decided to accept Daymond’s offer and left with a deal.
We don’t have a lot of news on a Kent update yet, but Stacy and Jeff definitely have the potential to reach new levels with Daymond as a partner, investor, and mentor. However, the official Kent Instagram page did make a post about making a deal with Daymond, so it seems the deal went through.
We are excited to see what our next Kent update holds and all of the environmentally friendly clothes that the trio will be able to create! You can buy a pair for yourself on the company’s website.
Before you go, be sure to check out updates from the other companies featured in
Don’t forget to check out our Season 14 products page too!
Jeremy is a regular contributor at Shark Tank recap. He has a ton of passion for the show and enjoys researching information about what all the companies are up to now. His favorite Shark Tank companies are The Cookie Dough Cafe and Kronos Golf!