KENT Underwear Shark Tank Net Worth-What Happened to KENT Underwear after the Shark Tank?
What is KENT Underwear Shark Tank’s Net Worth in 2023?
Kent is a 100% organic cotton underwear brand that is plastic-free, landfill-free, and compostable at end-of-life. The brand appeared on Shark Tank in September 2022 and received a $200,000 investment from Daymond John for a 15% stake in the company.
Kent Underwear appeared on Shark Tank in September 2022 and received an investment from Daymond John. Its current net worth is estimated to be around $1.5 million or $2 million depending on the source.
Kent’s mission is to offer eco-friendly products that are made of organic materials and free of synthetic materials. The brand partners with a family-owned apparel factory where 1% of its revenue goes to the plant.
Kent’s net worth before appearing on Shark Tank was valued at $1 million USD while its current net worth as of 2022 is estimated to be $2 million USD.
What Is A KENT Underwear? Who Is The Founder Of KENT Underwear?
KENT is a brand that produces 100% organic cotton underwear that is plastic-free, landfill-free, and compostable at end-of-life. KENT briefs are made in California and free of synthetics, plastics, chemicals, synthetic dyes, and softeners
They are naturally moisture-wicking to help prevent irritation and infection. KENT underwear uses GOTS-certified organic pima cotton which is the longest-staple of cotton in the world making it stronger and softer than conventional cotton. It uses 87% less water and creates 45% less CO2 than conventional cotton.
KENT’s packaging and pants (underwear) are made exclusively from plant-based materials and are fully biodegradable and compostable. KENT briefs will disappear and return to nature as a resource (in only 90 days) helping reduce landfill waste. KENT offers three insanely comfortable underwear styles to complement all body types.
In summary, KENT is an eco-friendly brand that produces organic cotton underwear that is gentle on the skin as well as on Mother Earth.
Stacy Grace is the founder of Kent, a sustainable and compostable underwear brand. She is a Canadian who now lives in Los Angeles. Stacy began her career in sustainable business consulting across apparel, consumer goods, and entertainment before starting Kent.
Her search for sustainable underwear began 10 years ago when she no longer wanted lacy, synthetic, and uncomfortable pieces. Influenced by graduate studies in sustainability, work with start-ups disrupting the textile space, and time living in Copenhagen, Stacy began designing her own natural briefs and basics.
Kent’s underwear is made from organic Pima cotton which makes up only one percent of the world’s cotton supply. Pima is prized for its extra-long fibres that make it softer than standard cotton.
Everything in the streamlined range is designed to be completely compostable – you can actually “plant” your old undies in the earth where they will naturally biodegrade.
Kent’s mission is to help save the planet one basic at a time by making plant-based compostable clothing that is landfill-free and sequesters carbon from the atmosphere.
What Happened To KENT Underwear At The Shark Tank?
Stacy and Jeff Grace appeared on Shark Tank to pitch their Kent underwear business, seeking a $200,000 investment for a 5% equity at a $4 million valuation. Stacy shared her inspiring background and business journey during the pitch, which impressed one of the sharks.
While the sharks were hesitant about the high valuation, they found the company’s mission and unique concept intriguing. Kent is a new business concept that has yet to hit the market, and the founders plan to expand to include a men’s underwear line and t-shirt line in the near future.
Kent sells its underwear for $20-$24 per pair, which is a relatively high price point. However, the products are made in California for $8.7 per pair. Year-to-date sales in 2022 were $99,000, with $30,000 in the first year of operation (2016) and $120,000 in the second year (2017).
The majority of sales, 85%, are from direct-to-consumer e-commerce, with the remaining 15% from one retail wholesale partner. The founders plan to partner with another major retailer this year.
While Mark and Daymond both found the business too risky to invest in, Barbara offered $200,000 for a 20% equity stake, and Robert made an offer of $200,000 for a 15% equity stake. Lori matched Robert’s offer, and Daymond later offered $200,000 for 15% equity.
Ultimately, Stacy and Jeff decided to accept Daymond’s offer, as they believed he would be a great partner, investor, and mentor for their business.
What Happen To KENT Underwear After The Shark Tank?
After Shark Tank, KENT Underwear expanded its product line beyond what was featured on the show. Their website now boasts a more expanded product line including a crop top and a reusable tote bag. The company has also been profiled on several websites including Green Matters.
Currently, KENT Underwear is working with Daymond John to expand its business nationally and internationally. They are also in talks with popular retailer stores to sell their compostable underwear and other clothing products.
For the remainder of the year, KENT plans to go into Nordstroms, launch its male range of underwear, and push forward with their launch of T-shirts.
Is KENT Underwear Still In Business?
Yes, Kent Underwear is still in business as of November 2022. The company is based in Los Angeles, California and has been expanding its portfolio to include organic undergarments made from plant-based materials that are fully biodegradable and compostable.
Kent Underwear was founded by Stacy Grace, who has a background in fashion and noticed the waste generated by the apparel industry.
She wanted to create a pair of cotton underwear that would suit her everyday needs while being environmentally friendly.
The company’s products are available on its website, and they are currently in talks with popular retail stores to sell its compostable underwear and other clothing products.