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. After appearing on the show, Kent Underwear is worth $2 million.
The Founders
Stacy and Jeff Grace are a married couple with strong ties in the entertainment industry in LA. 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 worked at financial firms and retail stores but eventually found her way into the apparel industry.
Founding Kent
Stacy worked with clothing brands for a decade and noticed that they produced a lot of non-biodegradable waste. This inspired her 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 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 had 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 jumped back in to match Lori and Robert’s offer. Four Sharks fought it out for the deal, but the founders chose Daymond due to his background with FUBU.
Life After Shark Tank
A year after appearing on the show, it appears the deal with Daymond John never closed. Despite this, they struck a deal with Nordstrom and Anthropologie.
During filming, YTD sales were only $99,000, so the founders were expecting to make $400,000 in the second half of 2022. It has also been featured in various media publications, including Financial Times and Refinery29.
The business also expanded their range to include compostable T-shirts and crop tops. In January 2023, Jeff got a job as a Senior Copywriter at BBDO LA, so he’s not working full-time on the venture. Grace is still working at Liberty Fabrics on Brand Partnerships & Responsible Fabrics.
Currently, you can purchase the product on their website WearKent.com and Madewell.com. The company was expecting to make $500,000 in annual revenue for 2022. As a result, Kent Underwear is worth an estimated $2 million.
