Rick and Melissa Hinnant established Grace and Lace. They established a company offering decorative boot socks for women. The concept originated from Melissa’s imagination. She stitched lace and attached buttons to her socks to give them a distinctive look. They were adored by people. Melissa and Rick recognized that they shared a unique connection.
The business achieved remarkable sales during its inaugural year. They made an appearance on Shark Tank requesting $175,000 in return for 10% ownership. Their aim was to expand the business and fulfill strong demand. Will the entrepreneur get a deal on Shark Tank? Check out the Grace and Lace update to find out!
Grace and Lace Net Worth Shark Tank Update 2025
Melissa and Rick Hinnant went on Shark Tank asking for $175,000 for 10% of their company. This meant they thought their business was worth $1,750,000. They made a deal with Barbara Corcoran for $175,000 for 10%, keeping the same valuation. The episode was aired on November 22, 2013. The fashion and accessories brand remains active and continues to sell online. Using the default 10% yearly growth method, the current net worth of Grace and Lace is estimated to be around $6–7 million in 2025.
Grace and Lace expanded rapidly following their appearance on Shark Tank. Their sales soared to exceed $1 million within just five days. The promotion from the show was very beneficial. By 2019 the firm had generated $47 million in revenue. They didn’t halt at socks. They broadened their range to incorporate additional types of apparel.
They offer blouses, gowns, and adornments. The business remains operational today. Their products are available online. They possess a large following. Their distinctive designs are quite trendy. The firm’s achievement illustrates how a minor concept can develop into something significant.
Yes they did. Barbara Corcoran made a deal with them. She offered $175,000 for 10% equity. Half of that amount was a line of credit. The other sharks made offers too. Robert and Mark offered $175,000 for 10%. Kevin offered $175,000 for 20% which would lower to 10% after repayment. In the end, Rick and Melissa chose Barbara’s offer. They believed she would be the best partner for their business.
| Shark(s) Name | Offer & Demand | Counter Offer | Accepted? |
| Lori Greiner | Out | N/A | N/A |
| Barbara Corcoran | $175,000 for 10% equity | N/A | Yes |
| Kevin O’Leary | $175,000 for 20% equity | N/A | N/A |
| Robert Herjavec | $175,000 for 10% equity | N/A | N/A |
| Mark Cuban | $175,000 for 10% equity | N/A | N/A |
Grace and Lace Shark Tank pitch
Melissa conceived the idea during the period of mourning a personal loss. She lost her baby while pregnant. She required a method to stay occupied. Sewing turned into her form of therapy. One day she was embellishing her boot socks with lace. She exhausted them and others observed. They appreciated the design and requested her to create additional pieces.
Rick and Melissa chose to transform this into a business. Launching the business wasn’t simple. They did not have a large budget. Initially, everything was crafted by hand. Melissa spent extended hours stitching socks. They encountered supply problems as demand increased. Nordstrom requested 50,000 pairs but they were unable to fulfill that request.
In spite of the difficulties, they continued on. They had faith in their product. Their diligent efforts were rewarded when they earned $800,000 in their inaugural year.
Rick and Melissa entered Shark Tank with assurance. They told their tale and their figures. They described how the concept was realized. They presented the sharks with their sales data. In their initial year, they earned $800,000 and $1.125 million the following year. They informed the sharks that they required $175,000 to expand the business. They described the Nordstrom proposal they were unable to meet. The sharks paid close attention.
They requested $175,000 in return for 10% ownership. The sharks were pleased with their profit margins. Every pair of socks is produced at a cost of $5 and sold for $34. The majority of sales occurred online. They incurred no expenses for marketing. Social media significantly contributed to their success. The presentation was impressive. The founders demonstrated enthusiasm and expertise regarding their business.
The sharks asked Joey many questions. Kevin O’Leary wanted to know how he could get his money back. Joey said it would take three to four years. Kevin was not happy with this. He said Joey owned too little of the company. Joey had 18% while Fabian owned 50%. Robert Herjavec asked about market share. Joey said they were the leaders in custom chocolate. But their sales were low.
Robert felt Joey was exaggerating. Mark Cuban said big chocolate companies could copy the idea. They would not need to buy Chocomize. Barbara Corcoran said the process was too costly. The packaging was not special. Lori Greiner said the product was too niche. It would not attract enough buyers. These concerns made the sharks doubtful.
Lori was the first to withdraw. She mentioned that she was unable to relate to the product. Robert proposed $175,000 for a 10% stake. He became frustrated when they did not agree immediately. Mark extended the identical proposal. He also felt annoyed when the founders requested time to talk. Kevin proposed $175,000 for a 20% stake reducing to 10% after the loan is repaid.
The founders were reluctant to agree. Barbara subsequently modified her proposal. She suggested $175,000 for a 10% stake with 50% offered as a line of credit. Melissa and Rick chose to accept her offer. They appreciated her method and had confidence in her expertise. The negotiation was stressful yet they emerged with a partner who supported their vision.
What Went Wrong With Grace and Lace On Shark Tank?
Certain sharks chose not to invest. Lori couldn’t connect with the product and left. Robert and Mark became frustrated with the founders’ reluctance. They believed Rick and Melissa were uncertain. Robert even retracted his offer. Mark felt annoyed when the founders requested a private talk. He believed they ought to make a decision right then. These instances formed pressure within the tank.
In spite of these problems, Melissa and Rick finalized a deal. They remained composed and attentive. They clarified their motives for requiring time. They selected Barbara because they felt she grasped their objectives. Not every shark concurred with their method, yet it ultimately proved successful.
Product Availability
Grace and Lace sell more than socks now. Their products include tops, dresses, and scarves. They focus on unique designs. Each item has a stylish and feminine touch. Customers love the handmade feel of their items. The company uses high-quality materials. They aim to provide comfort and style. Their products are available online. You can visit their website to see the full collection.
They also sell through other online platforms. Pricing is reasonable with socks starting at $34. They have a strong presence on social media. This helps them connect with their audience. The company has a loyal customer base. They continue to grow and expand their product line.
Conclusion
Grace and Lace started as a simple idea. It grew into a successful business. The journey on Shark Tank helped them reach new heights. They secured a deal with Barbara Corcoran. After the show their sales skyrocketed. They expanded their product line and gained more fans. The company’s story is one of creativity and determination. Rick and Melissa turned a personal project into a thriving brand.
Hey there, I’m Fatima Muhammad, an International Relations student, with a focus on the strategic dynamics of global relations, One of my favorite shows is Shark Tank. I love it because it showcases the creativity, determination, and strategic thinking of entrepreneurs, which I find inspiring. The show also teaches valuable lessons about innovation, business dynamics, and the importance of perseverance in the face of challenges. Read more About me.
