Quikflip Apparel Update | Shark Tank Season 10

Rener Gracie got tired of overheating during his runs with no good way to carry his hoodie once he took it off. So, he created Quikflip, a hoodie that turns into a backpack so it’s easy to carry without getting in the way. Will the sharks flip for this clever design? Let’s find out in our Quikflip update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Quikflip after Shark Tank.

Rener entered Shark Tank Season 10, seeking $500,000 for 5% equity in his apparel brand. After his pitch, he secured a $250,000 cash and $250,000 credit-line deal from Lori Greiner for 10% equity.

In terms of a Quikflip update, the company expanded its product line to include jackets, hoodies, and kids’ options and have grown to around $4 million in annual revenue.

Shark	Result
Lori Greiner	Accepted offer of $250,000 cash + $250,000 loan for 10% equity
Kevin O’Leary	$500,000 for 15% equity
Robert Herjavec	$500,000 for 25% equity
Daymond John	No offer
Mark Cuban	No offer

Shark Tank Quikflip Pitch

• Entrepreneur: Rener Gracie
• Business: Apparel
• Ask: $500,000 for 5% equity
• Result: $250,000 cash + $250,000 loan for 10% equity.
• Shark: Lori Greiner

Rener pitched Quikflip, a clothing line that turns hoodies and jackets into backpacks.

Next, he handed out samples and showed the sharks how the design works. It’s meant for people who want a simple way to carry their hoodie when they’re not wearing it.

According to Rener, the hoodies retailed between $40 and $50, while production costs ranged from $13 to $15.

Robert Herjavec asked how he sold them. Rener explained they use online sales only and run small tests before launching new designs. They had already sold 5,000 units.

He showed the sharks a few other versions, including a waterproof hoodie, which retailers started asking for after seeing his early success.

Retailers in Costa Rica, Seattle, Hawaii, and Miami had already reached out.

Kevin O’Leary asked about sales. Rener said they sold $279,000 worth in 40 days during the summer and another $205,000 in August.

Total sales for the year reached $577,000, with a 38% profit margin.

Daymond John questioned the company’s $10 million valuation. In response, Rener explained that Quikflip had four potential revenue streams: direct-to-consumer, promotional sales, licensing, and retail.

He admitted retail was his weak spot and hoped to bring in a shark to help expand into that space

In addition, Rener had four patents pending, two utility and two design. Kevin and Lori Greiner warned that even if granted, defending the patents could be expensive and challenging.

Mark Cuban asked why he needed an investment. Rener said he couldn’t keep up with demand. Mark didn’t think he could add value and dropped out.

Daymond followed, saying the high valuation and crowded retail space made it hard to invest.

Kevin also dropped out, calling the ask too early, but later came back with an offer of $100,000 for 25% equity plus a $400,000 loan.

Robert came in stronger. He offered $500,000 for 25% equity.

Lori stepped in with an offer of $500,000 for 15% equity, but only if Rener secured at least one patent.

Kevin revised his offer to match Lori’s, $500,000 for 15% equity, with no patent condition.

Rener countered Lori with $250,000 in cash and $250,000 in credit for 10% equity. Lori accepted, and Rener left with a deal.

Now that we know Quikflip managed to secure a deal with Lori, let’s get a Quikflip update to see how the company is doing.

Shark Tank Quikflip Update

Our Quikflip update found that the deal with Lori didn’t close after the show.

Even so, the company experienced a major sales boost, and TIME Magazine named Quikflip one of the Best Inventions of 2019.

Rener quickly expanded their product line to include pullover hoodies, rain jackets, and kids’ sizes.

Additionally, our Quickflip update found that the brand launched on Amazon and in Walmart, earning over $200,000 in early sales from 5,000 units.

By 2024, Quikflip was generating an estimated $4 million in annual revenue.

Despite the deal with Lori falling through, Rener still managed to keep his business afloat. We can’t wait to see what he’s up to in our next Quikflip update.

You can find the other company updates from Season 10 Episode 23 here:

• Coyote Vest Update
• BatBnB Update
• Fat Shack Update

Before you go, be sure to check out our list of all the Shark Tank Season 10 products.