Quickflip Apparel Net Worth 2021 - What Happened After Shark Tank- Update

Quickflip Apparel Net Worth 2021 – What Happened After Shark Tank

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Rener Gracie approached the season 10 Sharks for a massive investment of $500 000 for 5% equity of his company Quickflip Apparel.

The pitch was a dream, the rapport between Gracie and the Sharks was perfect.

However, the negotiations were tough. After some heated discussion, Gracie did walk away with a deal with Shark Lori Greiner in the end.

Quickflip have gone to generate an estimated net worth of over $10 million in the time since the show was aired.

What Is Quickflip?

The Quickflip Apparel line features items of clothing, namely hoodies, crewnecks, children’s jackets, and waterproof jackets that can turn inside out and become a functional and comfortable backpack.

The company has a special Dryflip line that consists of rain jackets that turn into waterproof backpacks.

The 2-in-1 jacket/backpack comes with a slide and bite technology on the drawstrings to make them completely adjustable to individual wearers.

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Overall Score: 93/100

Who is Rener Gracie?

Rener Gracie is a third-generation jiujitsu master who was sick and tired of not having anywhere to put his hoodie when he warmed up. So he came up with the Quickflip Apparel idea.

Gracie works as a jiujitsu trainer at The Gracie University and spends the rest of his time working on Quickflip Apparel.

What Happened During The Pitch?

Rener Gracie approached the Sharks for an investment of $500,000 for a 5% equity stake in his business, Quickflip Apparel.

Gracie drew the Sharks in with his light-hearted story and energetic pitch. There were jokes and laughs flying around the Tank.

Each hoodie costs $13 to $15 to make and they sell for $40 to $50 through the online platform. Gracie expanded the apparel line from hoodies to crew necks and clothing for children as demand increased and changed.

Quickflip has four design patents that protected their idea. Daymond John argued that it did not matter if he had patents, someone could come along and do a knock-off and the money it would cost to fight it would not be worth it.

Mark Cuban could not see, apart from money, what value a Shark would add to Gracie’s brand and jumped ship. John believed that the valuation of the business was too high and did not want to walk that path with him and left negotiations.

Kevin O’Leary believed that Gracie was asking for too much too soon and jumped ship on the deal.

The Investment

Robert Herjavec was battling with the structure of the deal. Gracie offered him a 10% stake instead. O’Leary came back into negotiations. He offered $100,000 for 25% and $400,000 as credit. Herjavec countered with $500,000 for 25%.

Lori Greiner offered $500,000 contingent on one of the patents coming through for 15% equity. Gracie countered with 10% for $250,000 investment and $250,000 in credit. Greiner agreed to that adjustment.

Gracie accepted that offer and walked away happy.

Watch the episode here.

Conclusion

Quickflip Apparel works hard to please its customers and offers a 7-day try-on option where a customer can order four different items and only pay for what they keep.

Greiner and Gracie made a good deal and business has continued to boom for Quickflip Apparel. Their website is up to date and constantly running specials.