Shark Tank season 14 kicked off with a live audience, and the first presenters were the founders of Kent Underwear, Stacy and Jeff Grace. Their eco-friendly fashion line got an investment from Daymond John. As of 2023, Kent Underwear is worth $2 million.
About the Founders
Stacy and Jeff Grace are a married couple who have ties in the entertainment industry in Los Angeles. Stacy has a master’s degree in strategic fashion marketing, and her husband has a bachelor’s degree in political economics.
Jeff started his career as a copywriter for Leo Burnett but transitioned into film and television production when he founded Vacationeer Productions. He later worked as an actor, writer, director, and comedian, signed under different companies.
His better half was initially an actress, but Stacy focused on building a career in marketing. At first, she was hired by financial firms and retail stores and eventually found her way into the apparel industry.
Stacy worked with clothing brands for a decade and noticed that these companies produced a lot of non-biodegradable waste. She was inspired to do something about it and chose to focus on underwear.
With her husband, she created the world’s first compostable organic underwear line called Kent. When the underwear is no longer usable, you can put them in the compost, and it’ll turn into soil in 90 days.
The company launched in 2019. Stacy was the CEO, and her partner was the creative director. Kent made $30,000 in sales in the first year and $120,000 the following year.
Pitching to a live audience
Jeff and Stacy needed the capital and expertise to scale operations. Kent Underwear appeared on the first episode of season 14, asking for $200,000 for 5% equity. The Sharks were surprised with the quality of the product and it was stronger than they expected.
The underwear sells for $20 – $24, making it a premium product but it’s manufactured in America for $8.07. Year to date, they have sales of $99,000 with 85% of them direct to consumers and 15% through wholesale.
Cuban was the first to go out as he believed it would be too hard to convey how the composting would work. Robert booed the decision trying to amp up the crowd but failed miserably. Barbara made the first offer, seeking 20% for $200,000. Robert undercut Barbara wanting 15% for the same amount.
Daymond who was initially out, jumped back in to match Lori and Robert’s offer. Four Sharks fought it out for the deal, but the founders chose Daymond for his background in fashion with FUBU.
Life After Shark Tank
Since its early days, Jeff and Stacy are still working on closing the deal with Daymond. The fact the company is bootstrapped made it more appealing for the Sharks.
They are working on finalizing a deal with Nordstrom and should go live in Q4. YTD sales are only $99,000 so the founders are expecting to make $400,000 in the final quarter. They have also expanded their range to include t-shirts.
Currently, you can purchase the product on their website WearKent.com and Madewell.com. The company is expecting to make $500,000 in annual revenue for 2022. As a result, Kent Underwear is worth an estimated $2 million.