KIN Apparel Shark Tank Update – KIN Apparel Net Worth

In Season 13 Episode 1, Philomina Kane, founder of Ken Apparel, pitches her inclusive apparel company on Shark Tank. She seeks $200,000 in exchange for a 10% equity stake in her company.

Ken Apparel offers satin-lined hoodies to protect hair from moisture absorption, reducing frizz and breakage. The hoodies cater to individuals with various hair types and sizes.

Philomina comes from a family of hairstylists and shares her journey of hair care struggles and the inspiration behind Ken Apparel.

Lori Greiner, renowned as the ‘Queen of QVC’, and guest judge Emma Grede, CEO of apparel company Good American and founding partner of SKIMS, extended a joint offer for a stake in KIN Apparel that piqued the interest of the entrepreneurs. So, get along to know more about Kane’s interesting journey.

KIN Apparel Net Worth

KIN Apparel’s net worth is estimated to be $5 million. The business is still running and is expanding its product line to kidswear and other silk -lined accessories. KIN Apparel has also made a donation for the kids receiving chemotherapy at Children’s Hospital of Philadelphia,

Apart from this, the brand is active on social media handlers as well. With 200,000 on Instagram and 150,000+ on TikTok, the brand is booming. VIP customers receive updates regarding any new launch and product drop.

The founder of Ken Apparel revealed that their thick hoodies, manufactured in China, cost $1,375 to make and $1,675 to land. Despite starting the company with only $500, she invested wisely in marketing, resulting in $246,000 in sales in the first year.

The second year saw impressive growth, reaching $355,000. Remarkably, the customer acquisition cost is zero, with over $350,000 in sales this year achieved without spending on digital marketing. Ken Apparel currently has $150,000 in the bank and an inventory of 500 or fewer items.

What Happened to KIN Apparel after Shark Tank?

The business grew to 15 employees and a large product line of clothes. Aside from this brand, there are skin and hair products that are nurtured according to the type. Moreover, Kane’s YouTube channel, NaturallyPhilo got a good target audience too. 

Did KIN Apparel get the deal on Shark Tank?

Of course, KIN Apparel gets the deal done with two Sharks. Lori Greiner and Emma Grede. Entrepreneur, Kane demanded $200,000 with 10% equity. But sealed the deal for $200,000 with 30% equity. The exceptional pitch made the Sharks invest in this emerging clothing brand.

Ken Apparel successfully secured a deal on Shark Tank. Lori Greiner and Emma Grede agreed to invest $200,000 for a 30% equity stake in the company.

Shark(s) nameOfferDemandCounterofferAccepted?
Barbara CorcoranN/AN/AN/AN/A
Kevin O’LearyN/AN/AN/AN/A
Lori Greiner$200,000for 30% equity  of  Lori and Emma  20%-25% equity for $200,000yes
Mark CubanN/AN/AN/AN/A
Emma Gree$200,000for 30% equity  of  Lori and Emma  20%-25% equity for $200,000yes

KIN Apparel Shark Tank Update

kin apparel founder on shark tank update

Ken Apparel, known for its groundbreaking satin-lined hoodies addressing hair care concerns with a fashionable edge, achieved an impressive $355,000 in its second year. Founded by Philomina Kane, the company started with $500 and gained traction through savvy marketing and a significant online following. Despite robust sales, inventory challenges led to consistent sellouts, relying on pre-orders with a four to six-week waiting period.

In a pivotal Shark Tank episode, Lori Greiner and Emma Grede recognized Ken Apparel’s potential, offering $200,000 for a 30% equity stake. After negotiations, Philomina accepted the emotional deal, providing crucial capital and strategic guidance.

The investment positions Ken Apparel for expansion, aiming to overcome inventory issues, boost marketing efforts, and solidify its position as a leader in inclusive apparel. The company is poised to meet the diverse needs of its customer base with its unique, popular products.

KIN Apparel Founders & Backstory

kin apparel founder on shark tank

In 2013, while Philomina Kane was at Princeton University, something really tough happened. She got so stressed that her hair started falling out. Coming from a family in Boogie Down Bronze, New York, where taking care of hair is a big deal, the salon visits at Princeton were just too expensive – $100 was way too much for her. So, she made a big choice – she cut off all her hair. She shared this with someone back home who did the same, and they both saw their hair grow back.

To deal with this problem, Philomina devised a smart idea – satin-lined hoodies. While studying ecological biology at Princeton, her original plan to go to Columbia’s Merman School of Public Health didn’t happen. Instead, she became a YouTuber with almost 200 thousand subscribers. She went from telling her story to encouraging black women to love their natural hair.

Philomina’s journey turned into a strong commitment to inclusive hair care. As an immigrant from Ghana raised by her grandmother, these memories tear her up because things didn’t go as planned, and her path became an inspiration. As she shares these thoughts, the feelings show unexpected pride from her mom, who was unsure before but now finds joy in the different way Philomina bravely went.

Pitch and Initial Presentation:

Philomina Kane stepped into the Shark Tank with a mission – to revolutionize hair care through fashion and inclusivity. Hailing from Boogie Down Bronze, New York, she sought a $200,000 investment in exchange for a 10% equity stake in Ken Apparel. The charismatic founder introduced the Sharks to a unique selling proposition – satin-lined hoodies that blend style with hair care. She engaged the Sharks with a show of hands, emphasizing the dual functionality of Ken Apparel products.

Philomina’s pitch highlighted the pitfalls of traditional cotton hoodies, absorbing moisture and causing hair damage. With the Ken Apparel solution – satin-lined hoods, larger sizes for diverse hair types, and a commitment to inclusivity, Philomina presented a compelling case. Her confident delivery and a touch of personal narrative showcased the passion behind the brand.

Discussion on Pitch and Offer:

kin apparel net worth

The Sharks delved into the details to understand the manufacturing and costing aspects. Philomina revealed that the thick hoodies were manufactured in China, costing $1,375 to make and $1,675 landed, with a retail price of $80. Two Sharks, Mark Cuban and Kevin O’Leary, opted out of investing in Ken Apparel during the Shark Tank pitch.

Shark Barbara Corcoran praised Philomina Kane for her brilliant and creative approach to presenting her business. However, She pointed out the potential downside of dealing with highly creative individuals, describing it as a “chaotic poetry emotion” where ideas flow rapidly, and decisions are made quickly. Barbara acknowledged Philomina’s brilliance but expressed concerns about the challenges of partnering with someone who operates at such a fast pace.

Mark’ echoed  Barbara Corcoran’s sentiments, highlighting the need for a working partner to balance Philomina’s creative energy. He emphasized the importance of having someone who excels in numbers and enjoys adhering to to-do lists. Despite recognizing Philomina’s brilliance, he acknowledged that her “ready, fire, aim” approach aligns with his style, making him unsuitable as a long-term business partner.

However, Lori Greiner and Emma Grede saw the market potential and expressed genuine interest. They offered $200,000 for a 30% equity stake in Ken Apparel. Philomina, recognizing the value Lori and Emma could bring,  Philomina negotiated the equity down to 25%. The emotional depth of Philomina’s journey became evident as she shared her struggles and aspirations.

Negotiation and Final Deal:

With a deal on the table, Lori Greiner and Emma Grede moved forward with the negotiation. Philomina, driven by her vision, negotiated the equity stake down to 25%. The emotional resonance of the moment reflected Philomina’s dedication and the investors’ belief in her brand.

Mark Cuban and Barbara Corcoran’s earlier reservations didn’t sway Philomena from finding the right partners in Lori and Emma. The final deal amounted to $200,000 for a 30% equity stake. This partnership marked a turning point for Ken Apparel, providing the much-needed capital and strategic guidance. Philomina Kane expresses tears of joy and gratitude, welcoming Lori and Emma to the “Kenfolk.”

Challenges and Motivations

Challenges and motivations marked Philomina Kane’s journey with Ken Apparel. Financial strain during her Princeton University days, leading to stress-induced hair loss, catalyzed her innovative satin-lined hoodies. Manufacturing hurdles in China and inventory management issues posed significant challenges, forcing reliance on pre-orders.

KIN Apparel Availability

kin apparel products on shark tank

Ken Apparel offers revolutionary satin-lined hoodies to address hair care concerns while maintaining a fashionable edge. The key features include a high-quality satin lining that prevents moisture absorption, reducing frizz and breakage.

This innovation caters to individuals with various hair types, promoting inclusivity in the apparel industry. Additionally, Ken Apparel offers innovative reversible satin pillowcases, expanding its product line to enhance overall hair care.

The innovative approach to inclusive and health-conscious products positions the brand as a leader in the evolving landscape of beauty and fashion. Ken Apparel’s presence on various platforms, including Instagram and TikTok, contributes to its potential to reach a broad audience.

Ken Apparel’s innovative satin-lined hoodies and other hair care products are available on their official website: Ken Apparel. Customers can explore the diverse range of products designed to revolutionize hair care while embracing inclusivity in fashion.

What Went Wrong With KIN Apparel on Shark Tank?

All Sharks stepped out due to a number of reasons. But the main point was the lack of knowledge about the relevant industry. The pitch impressed the Sharks and all of them appreciated Kane for her entrepreneurial journey. 

Conclusion

With its groundbreaking satin-lined hoodies, Ken Apparel entered the Shark Tank seeking a $200,000 investment for a 10% equity stake. Founder Philomina Kane’s emotional pitch, emphasizing inclusivity and innovation in hair care, resonated with the Sharks. After a thoughtful discussion, Lori Greiner and Emma Grede offered $200,000 for a 30% equity stake. The deal was sealed, marking a significant milestone for Ken Apparel.

KIN Apparel, the comfy clothing brand that wowed on Shark Tank, is thriving!

Here’s what’s hot:

  • Growth explosion: They’ve expanded beyond hoodies to offer kids’ clothes, hats, umbrellas, and more, all with the signature silky lining.
  • Superconnected: With nearly 200,000 Instagram followers and over 150,000 on TikTok, KIN Apparel keeps its fans in the loop.
  • Hot new drop: Get ready for satin-lined raglan short sets, dropping soon! Join their VIP text club for insider info.
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