Grace and Lace Shark Tank Pitch
Grace and Lace turns boring socks into lace fashion statements that stick outside of your booth. She would have people stop them everywhere she went, and before they knew it, a business is born and they are accidental entrepreneurs.
They did $800,000 for their first calendar year, and are at $1.2 million for the current year as of the Shark Tank Pitch. All their business is through social media and blogs. They had one of their images as the number one pins on Pinterest and they have no spend on advertising.
Grace and Lace sells a pair of socks for $34 that cost $5 to manufacture. Profit in 2012 is over $300,000.
Grace and Lace Episode Data
- Company: Grace and Lace –Website
- Entrepreneurs: Rick and Melissa Hinnant
- Ask: $175,000 for10% equity
- Episode Season 5 Episode 510
- Companies in this episode:
- First Aired: 11/22/2013
- Deal: Barbara Corcoran $175,000 with half of it as a line of credit for $10%.
What do the Shark Tank Investors say about Grace and Lace?
- Mark Cuban – likes what they are doing, and he wants to know what are their pain points. Rick answers, we are not looking to suck your time out, we are wanting to know be able to call and seek help with what should we be doing as we grow. Rick says they came in with a strategy and they know who they want, so it is not being indecisive.
- Barbara Corcoran – says they have a great evaluation and she is willing to give $87,500 for a 5% stake if they can get another Shark in. Barbara offers to give them the full amount and give half the money as a line of credit.
- Kevin O'Leary – offers $175,000 for 20% that drops down to 10% as soon as he gets his capital back out.
- Lori Greiner – is really happy for them, and it is great that they are successful with the product, but she can't relate to it. She is out.
- Robert Herjavec – asks why they need the $175,000 and their response is they need a strategic partner, so that they can go bigger than what they are capable of growing the company. Robert thinks they need guidance if they are going to get to the size necessary. He will do the $175,000 for 10% equity, and he says that he doesn't need Barbara in on the deal. Robert Herjavec is giving them exactly what they are offering, and he wants an answer to his offer. He tells him he has to make a decision as he is willing to pull out. Robert says don't make mistake my kindness for weakness. Robert goes out.
Grace and Lace after Shark Tank
Rick and Melissa scored big with their Barbara Corcoran deal. They have crossed nineteen million in sales in three years. They have opened orphanages and schools in India for charity work. Grace and lace is sponsoring a young girl as an intern and they are teaching her how to make a living in fashion in India.