Grace and Lace’s story is a true tragedy-to-victory journey. Melissa and Rick Hinnant, husband and wife entrepreneurs, founded the business. Melissa got the inspiration when she tragically lost her young daughter following premature delivery in 2011. Grace and Lace products, which are crafted with the notion of “His grace and a little lace,” were inspired by this heartbreaking incident.
Melissa learned to sew and weave before the preterm delivery while confined to bed rest. Back in 2011, she produced her initial pair of boot socks. When people kept inquiring where she purchased them, she chose to sell the boot socks on Etsy and quickly ran out of stock. Within 2 years of the first sale, the couple had sold over 50,000 sets of boot socks.
Within two years, she and her husband evolved from a tiny, craft-based firm to a full-fledged enterprise with their designs patented.
The budding firm initially produced only one item of clothing: a delicate “boot sock” for women that sticks out the top of the boots worn by customers, adding pattern texture across footwear and trouser legs.
Grace and Lace became a sought-after label for high-quality, fashionable knitwear and clothing, while providing an outstanding customer experience. Grace and Lace garments are handcrafted and made for a unique fitting and quality.
Aside from offering high-quality products, the company’s owners strive to make a major difference in the world via charity activities. In 2013, the business partnered with Angel Accommodate to donate a portion of every sale to developing orphanages in India, which would accommodate 50 orphans each. After the brand generated considerable sales, they were able to successfully build two orphanages, rescuing 160 children from the streets.
Is Grace and Lace an Active Company?
The company is still active and is operating successfully. The company grew exponentially after its appearance on Shark Tank. The sales increased to $47 million in 2019, and the firm diversified to include other goods such as shorts, tees, and accessories.
Up to 90% of the company’s sales are generated via online platforms, including Amazon and the company’s own website.
How did the Shark Tank Pitch go?
Melissa and Rick went on Shark Tank looking for $175,000 for a 10% stake in their company. They shared their beautiful narrative that left the Sharks speechless. The revenue of $1.25 million in the previous year piqued the Sharks’ interest, mainly when they learned that the couple launched the firm with just $800 and had no debt. One of the sharks, Robert, was so pleased that he presented them with precisely what they were seeking; however, he wanted them to decide without hearing the offers of the other sharks.
The Hinnants resisted and ultimately reached an agreement with Barbara for $175,000 for 10%; however, 50% of that payment was an installment loan. Melissa, Rick, and Barbara clasped hands and reached an agreement.
Just five days after appearing on Shark Tank, the company made more than a million in sales. As a result of the booming demand of the product, They’ve expanded into a larger production facility with a team of 20 people running the plant.
Our Review of Grace and Lace
Grace and Lace, the business that resulted from personal sorrow has provided women with fashionable and comfy boot socks while also striving to protect their future and make the world a better place for children.
The company has three aims: providing customers high quality and stylish knitwear, impeccable customer service, and ensuring they are actively making efforts to make the world a better place for children.
The brand is rated high on different platforms, including Facebook, Amazon, and the company’s website. Most customers find the product by the company soft, comfortable, and trendy. However, a few people have complained about the fabric and style of the products.
Regardless, Grace and Lace is one of the most successful businesses appearing on Shark Tank. Its diversified product portfolio, trendy styles, and effort toward making the world a better place via charity contributed to the company’s $7.5 million net worth.
Pros of Grace and Lace
- Trendy and fashionable style
- Comfortable and easy fit
- Stretchy and overall roomy apparel
- Wide range of sizes catering to women of all body types
- Low iron is needed on the clothing products
- A diversified portfolio of products
- Gift Cards for friends and family
- A generous rewards program allowing customers to gain more perks when they purchase more
- Reliable refund policy for items returned within 30 days of shipping
- Impeccable customer service
Cons of Grace and Lace
- Some clothing articles are slightly expensive.
- The shipping charges are non-refundable;in case of a refund, only the cost of the product will be refunded.
- Lost and damaged products by courier service are not the company’s responsibility.
Who is Grace and Lace for?
Given that Grace and Lace is a trendy apparel brand, it caters to women of all sizes between the ages of 18 – 40. It offers a wide product range from knitwear and trousers to the infamous boot socks in various sizes and designs.
The brand has also expanded toward accessories like bags, jewelry, shoes, and sandals, also available in a variety of trendy styles for women of all ages.
Are There any Alternatives?
Given its extensive product portfolio and chic designs, the best alternatives for Grace and Lace could be Brandy Melville, Abercrombie & Fitch Co, and Pull & Bear. These brands offer a wide range of casual and trendy clothes and accessories to their customers.
Our Final Thoughts
Since its inception, Grace and Lace has established itself as a high-quality casual wear fashion brand for women. It started with a single article, a trendy boot sock, which helped attract most of the brand’s customer base.
Ever since its appearance on Shark Tank, the brand has grown substantially and now caters to an audience worldwide. Its high-quality products and proactive customer service have earned the business its net worth of $7.5 million.
