The hit show Shark Tank has become a phenomenon for entrepreneurs and startups, as it gives them an incredible platform to showcase their products and services. Every week, budding business owners have the chance to pitch their ideas to investors in hopes of getting that much-needed funding.
One such example is Grace & Lace, a company founded by Melissa Hinnant and her husband Rick. After appearing on Shark Tank in 2013, they were able to secure $175K from investor Lori Greiner and catapulted their brand into the spotlight. Since then, they’ve experienced tremendous growth and success with no signs of slowing down anytime soon. This article will explore how this couple’s appearance on Shark Tank gave them the boost they needed to turn their idea into a thriving business!
How Grace and Lace Started?
It all started with a simple idea: create an affordable, stylish line of legwarmers. At the time, Melissa and Rick weren’t entrepreneurs and had never owned their own business before. In fact, Melissa was working as a flight attendant and Rick worked as a computer programmer. With limited funds, they turned to crowdfunding to launch their business.
Grace and Lace soon became a popular brand with consistent sales, but it wasn’t until their appearance on Shark Tank that things really took off.
Grace and Lace on Shark Tank
In 2013, Melissa and Rick appeared on Shark Tank to pitch their business Their product demonstration caught the attention of Mark Cuban and Lori Greiner who both offered to invest in the company. After much deliberation, Melissa and Rick decided to take Mark’s offer of $175K for 25% equity in the business.
The Aftermath of Shark Tank
The appearance on Shark Tank had a tremendous impact on the business. In the two days after the episode aired, over $650K in sales were made and traffic to their website increased by 5000%. Since then, Grace and Lace has experienced continuous growth with an ever-expanding product line including socks, legwarmers, and accessories. It’s become one of the most successful companies to come out of the show and was even featured on an episode highlighting a few of their greatest successes.
Grace and Lace has come a long way since its humble beginnings in Melissa’s kitchen. Now, it’s a global brand with products sold in more than 70 countries. The company continues to grow, with plans to launch new product lines in the near future.
The success of Grace and Lace has been inspiring for many entrepreneurs who have watched their journey, and Melissa’s story serves as an example of what can be achieved when you follow your dreams. Despite the ups and downs, Melissa has never given up on her vision and continues to find ways to innovate and make her company as successful as possible. With continued hard work and a little luck, Grace and Lace is sure to remain one of the most popular brands in fashion for many years to come.
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