Grace and Lace Shark Tank Update

Grace and Lace Shark Tank Pitch

Melissa Hinnant sought to transform her boring, old socks into cute, lacey socks that peek out of the top of a boot. Melissa sewed her first pair, and when she wore them in public, she was constantly stopped by strangers who wanted them. Melissa put up a website and started the company Grace and Lace with her husband, Rick Hinnant.

2012 was Grace and Lace's first year, and they did $800k in sales. In the last 12 months, Grace and Lace did $1.25 million in sales with a $300k profit. 90% of their sales are online, and recently expanded into 200 retail stores. Melissa and Rick believe they can grow Grace and Lace to a $5-10 million business, but a strategic partnership with a shark could push the company's valuation to over $100 million.

Barbara, Kevin, and Robert each make offers, and Robert offers exactly what they came in asking for. Rick suggests Robert join Barbara, and he declines. Robert likes to feel strategically valued, so when entrepreneurs overlook his offers for other sharks it is hurtful to him.

Rick and Melissa stall until Robert goes out. Mark enters with exactly what they wanted, and they stall again. Finally, Barbara lowers her offer, and Rick and Melissa reveal that she is the shark they were singling in on, and they accept her offer.

Grace and Lace After Shark Tank

According to cbn.com

In 2017, Melissa Hinnant and Rick Hinnant created a video on YouTube

Rick went on the Real Faith Stories

Rick applied for Shark Tank several times over a few months and never heard anything back. A friend happened to know one of the producers and one day put a word in for Grace and Lace. Shark Tank called Rick and invited Grace and Lace to fly out and pitch in two months. Doctors discovered why Melissa had complications giving birth and solved the issue, and Melissa was pregnant with a son at the time. Shark Tank decided to push Grace and Lace to the next season to avoid causing stress that may harm their child.

When Rick called Shark Tank the next year, the producers were shocked that not only had they still been in business, but they had done $850k of sales in their first year. Melissa had been struggling to remember her pitch, and up to 5 minutes before they went on, producers were tweaking the pitch. On top of that, they could hear Mark Cuban lambasting the entrepreneur that went before them. Rick decided that God told him Barabara had to be involved in their deal. Rick had also researched all the sharks and believed Barbara was the best fit, which, what a coincidence, was the same thing God told Rick. After Rick and Melissa stalled two sharks to go out while waiting for Barbara, and Barbara lowered her offer, they felt further justified that God was real and were thrilled to accept her offer.

In season 5, episode 22, we got an update that sales hit $1 million five days after airing on Shark Tank and $3 million in the three months following Shark Tank. Grace and lace transformed from six moms working out of a garage to a 3k square foot facility with 36 employees. Barbara video-called Melissa and Rick to check in on how things are going.

In 2016 Rick and Melissa gave an update on season 2, episode 1 of Beyond The Tank. They had done $1 million in sales before Shark Tank and $12 million in the year and a half following Shark Tank. They expanded from six to 36 employees. Barbara said Grace and Lace was by far the most profitable business she has invested in. Melissa can no longer design new socks at the pace the company is moving but is reluctant to hire designers because it may change the brand and meaning behind Grace and Lace. Barbara assures Melissa it is necessary for Grace and Lace's future success and guides Melissa to open her mind in the hiring process and focus on finding a person that resonates with her rather than has the most accolades.

Grace and lace did over $50 million in revenue in 2019 and has continued the thrive throughout the onset of the covid panic. Rick says Grace and Lace is God's business, and he and Melissa just steward it. Rick says their business plan is to pray, listen, and do what they feel God is directing. They pray in groups to reassure what they come up with is correct.

In quarter 1 of 2020, Grace and Lace's sales were down 27%. Rick told the staff that God told him they had to make face masks, which allowed them to keep their doors open because they were deemed an essential business while the government forced other companies to close their doors. Sales soared, and people came to buy masks and discovered and purchased socks as well.

Melissa and Rick have three children, live below their means, and have helped build orphanages in India. In 2022, Grace and Lace posted on Facebook