KENT was founded by a conscious Canadian, now living in Los Angeles. It all started with the benefits of natural materials.
Having outgrown frilly, lacey and stretchy underwear of her youth, Stacy sought to find a simple pair of 100% cotton underwear that matched her simple everyday style – though find everything but.
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.
Digging further into her Canadian roots of backyard gardening and composting, she began thinking… why were the simple underwear options always super synthetic (elastane, nylon, polyester, spandex), unbreathable and infection-producing?
Why not design underwear made from natural materials that could also return to nature? Months of research, trials and fittings later, the Annual Brief was born. After speaking with over a 1,000 women about their underwear, she understood they also wanted underwear that looked as good as it felt – made from natural materials, less toxins, simpler style, no synthetics, better fit, less irritation, fewer wedgies.
KENT in the Shark Tank
In the Shark Tank Season 14 premiere, Stacy and Jeff Grace presented their business with an ask of $200,000 for a 5% equity stake, valuing the company at $4 million. Their business, focusing on environmentally friendly, dissolvable clothes, reported $99,000 in sales at that time, with most sales being direct-to-consumer (D2C) e-commerce and a smaller portion from retail wholesale. The product’s cost was around $8 per unit, with retail prices ranging from $20-$24.
The Sharks showed mixed reactions. Mark Cuban and Daymond John initially found the investment too risky. Barbara Corcoran offered $200,000 for 20% equity, while Robert Herjavec and Lori Greiner each proposed $200,000 for 15% equity. Daymond John re-entered the negotiation, matching the 15% equity offer for $200,000, which Stacy and Jeff accepted. This deal adjusted the company’s valuation to approximately $1.33 million.
|Entrepreneurs||Stacy Grace and Jeff Grace|
|Ask||$200,000 for 5% equity|
|Final Deal||$200,000 for 15% equity|
|Valuation at Ask||$4 Million|
|Valuation after Deal||$1.33 Million|
|Sales at Time of Pitch||$99,000|