Grace and Lace Shark Tank Net Worth 2023
Grace and Lace is an online clothing company that was featured on Shark Tank in November 2013. The company was seeking a $175,000 investment in exchange for a 10% ownership interest in the company.
Since appearing on Shark Tank, Grace and Lace has experienced tremendous growth and success. They have secured additional funding and partnerships, leading to an estimated net worth of $10 million USD as of 2023.
At the time of their Shark Tank appearance, Grace and Lace was valued at around $1.75 million. However, today they have reached a sales figure of $19 million.
The business has been generating more than 90% of its sales online due to their strategic investment in their website, which now offers a wide range of new products and fashion accessories.
Grace and Lace’s founders, Melissa Hinnant and Rick Hinnant, have a net worth of $8.6 million USD as of 2023. They have been very generous to countries like India and Nepal by providing houses for orphans in these countries.
The couple’s success story is inspiring – Rick tripled his income by adding Christmas light installation to his landscape company before Melissa turned her knitting hobby into a major source of income for the couple.
What is Grace and Lace? Who is the founder of Grace and Lace?
Grace and Lace is a company with the aim of becoming a highly desired brand for trendy, high-quality knitwear and clothing, while also providing exceptional customer service. Additionally, they are making a significant impact and changing the world.
The founders of the company are Melissa Hinnant and her husband. The idea for their first product, a pair of boot socks with a lace top, came about when Melissa was constantly approached by women asking where she got her unique socks.
This led her to create more and sell them on Etsy, and the demand was so high that they sold out quickly. In just two years, they sold over 50,000 pairs.
Melissa’s desire to help others started when she spent her summer in India in 1999, working to aid those in need and sharing the love of Christ with orphans and others who did not know Him.
She was moved to tears by the poverty and suffering she witnessed and knew she wanted to do more to help. Her goal became to provide homes, food, clean water, clothing, and a Christian education for children who were living on the streets.
The tragic loss of Melissa’s young daughter in 2011 inspired her to create the first pair of boot socks. The popularity of the socks allowed Melissa and her husband to collaborate with Angel House, an organization that helps to build orphanages in India.
As a result of their brand’s success, they were able to establish seven orphanages and rescue around 160 children from the streets.
In addition to their work with orphans, Melissa and Rick have also taken on leadership roles in a school in India that accommodates 400 male orphans.
They established their first Freedom Home in 2017, saving 65 girls from human trafficking. Melissa has a long history of entrepreneurship in her family, and Rick is a successful entrepreneur who has founded multiple businesses.
Grace and Lace Shark Tank Pitch
In episode 10 of Season 5 of Shark Tank, Melissa and Rick decided to pitch their idea for Grace and Lace to the show’s investors in hopes of taking their business to the next level. They were seeking $175,000 for a 10% stake in their company, which was valued at $1.75 million.
The Sharks were impressed with their inspiring story and the fact that they had generated $1.25 million in sales in just one year, starting with only $800 and no debt.
Kevin made an offer of $175,000 for a 20% stake in the company until he recoups all of his investment, at which point his equity would decrease to 10%. Barbara offered $87,500 for a 5% investment and sought another Shark to join her.
Robert offered $175,000 for a 10% stake, which was exactly what Melissa and Rick were looking for, but he wanted them to make a decision before hearing from the other Sharks.
Mark also offered $175,000 for a 10% stake, which he would share with Robert, and demanded a yes or no answer.
Competitors of Grace and Lace
The major competitors of Grace and Lace are; Pull & Bear, The Box Fashion, South by Sea and Pussycat London.
Net Worth of Grace and Lace
The company was valued at $1.75 million during the pitch; after Barbara invested the company value remain the same. In 2021 the company has a net worth of $7.5 million.
Grace and Lace FAQs
What is Grace and Lace?
Grace and Lace is a firm that aspires to be a sought-after brand of high-quality, on-trend knitwear and clothes while also giving an exceptional customer experience.
Who is the founder?
Melissa Hinnant, a mom from Indianapolis, is the founder of Grace and Lace. She has always wanted to do something for orphans, and she has the dream that her business can make an impact on some children’s lives.
How much were asking on Shark Tank?
They were asking for $175,000 for 10% stake of their company at value of $1.75 million.
Did they have the deal?
Yes, they have the deal with Barbara.
How much was the deal?
Barbara offered $175,000 in exchange for 10% equity shares of the company.
Is Grace and Lace still in business?
Yes, they are still in business.
Where can I buy their products?
Customers can purchase their products from their website or through the Amazon.
Is it a good idea to invest in Grace and Lace?
Yes, it is a good idea to invest in them, because they will continue to grow by making $16 million in sales in 2022.
Do you provide pricing adjustments?
Each of their deals is only active for a limited time, and we are unable to apply promotional rates to orders placed outside of that time frame.
Can I use several promo codes on my order?
Per purchase, only one promo code may be used.
Can I use a new promo code to an existing order?
Coupon codes must be supplied during the checkout process to be applied to an order. Similarly, each of our promotional coupons is only valid for a limited time and cannot be applied to orders placed outside of that time range.
How can I enter a promo code into my shopping cart?
Coupon codes must be typed in the “discount code” box that appears during the final steps of the checkout process after all goods have been put to the basket. Please keep in mind that they cannot use promotional coupons retrospectively.
Is it possible to mail a portion of my order to a different address?
They can only send to the address individuals specify at checkout and cannot ship to multiple addresses. If they want their things to ship to numerous places, please consider placing multiple orders.
When can I expect to get my in-stock items?
Please see our shipping page for further information.
When can I expect to get my back-ordered and pre-ordered items?
Customers in the U.S.A.: Please see their shipping page for further information.
Customers from other countries: All overseas orders containing back-ordered or pre-ordered products will be shipped together once the full order is complete.
How can I specify whether a gift card should be delivered or emailed to the recipient?
On their Gift Cards page, consumers can choose any choice. E-Gift Cards will be emailed, and physical Gift Cards will be mailed.
What payment methods do you accept?
There are several alternatives accessible to us! Please see their policies page for a complete list.
Who is responsible for foreign shipments’ customs fees?
The item price and delivery cost do not include import customs, taxes, or levies. These fees are the responsibility of the buyer. Before making a purchase, please check with your country’s customs authority to establish what these additional expenses will be.
Why is my credit card being charged before my things are shipped?
At the time of sale, their program demands that they charge credit cards. If customers need to cancel the order, please see the “Cancellations” section of our policies page for more information.
What should I do if my merchandise is damaged?
Please accept their apologies! Despite the fact that each product is verified for quality assurance before to delivery, it is possible to get a damaged item.
As a result, it is critical to open and check the products as soon as they acquire them. If there is anything wrong with the goods, please report via their contact page within 14 business days of receiving it (s). Outside of this time limit, they will not be able to repair damaged products.
What is the net worth of Rick and Melissa Hinnant?
Rick and Melissa Hinnant is a married couple and have a net worth of around $7 million.