QuikFlip Shark Tank Update – Shark Tank Season 10
Rener Gracie pitched a hoodie that transforms into a backpack. Here’s what happened after Shark Tank.
Rener Gracie is a Brazilian Jiu-Jitsu professional instructor and fighter. He became frustrated during his runs because he often started in a hoodie but had nowhere to store it once he warmed up. That was when he created QuikFlip.
Would the Sharks see QuikFlip as the next must-have apparel innovation, or dismiss it as just another hoodie?
About QuikFlip
| Category | Details |
|---|---|
| Business Name | QuikFlip |
| Founder | Rener Gracie |
| Industry | Apparel, Fashion, Outdoor Gear |
| Product | Hoodie that converts into a backpack |
| Funding (Pre-Shark Tank) | Self-funded |
| Investment Asked | $500,000 for 5% equity |
| Deal Status | Deal accepted on the show but never closed after filming |
| Deal Outcome | $250,000 cash + $250,000 line of credit for 10% equity |
| Valuation | $10 million (at the time of Shark Tank pitch) |
Rener appeared on Shark Tank Season 10, Episode 23. He comes from a long line of Jiu-Jitsu fighters and teachers. His grandfather, Hélio Gracie, once challenged world heavyweight boxing champion Joe Louis to a fight, but Louis declined. His father, Rorion, opened Gracie University in 1989, a Jiu-Jitsu training academy where Rener also works as an instructor.
Rener put the same energy into QuikFlip that he put into Jiu-Jitsu. He promoted QuikFlip at apparel trade shows and industry conventions and believed QuikFlip had “unlimited branding potential.” He also became the first Brazilian Jiu-Jitsu black belt to appear on Shark Tank.
QuikFlip Shark Tank Pitch
Rener entered the Shark Tank seeking $500,000 for 5% equity in his company.
He explained how he came up with the idea for QuikFlip and demonstrated how the hoodie converted into a backpack before handing samples to the Sharks. The Sharks were impressed by the quality of the sweatshirts.
Rener revealed that he held a patent on the clip that secured the backpack version of the product. He also shared that his first order of 5,000 units sold out within two and a half months, generating $200,000 in sales.
What Makes QuikFlip Unique?
QuikFlip stood out in the apparel market through its innovative design and branding potential:
- Hoodie that quickly converted into a backpack.
- Patented clip mechanism that secured the backpack configuration.
- Designed for runners, travelers, commuters, and outdoor enthusiasts.
- Strong branding opportunities with expanding product potential.
Did QuikFlip Get a Deal on Shark Tank?
Daymond John liked the product but believed consumers would not recognize its convertible nature while it was displayed on a clothing rack.
Mark Cuban did not think he could add value to the business, so he went out.
Kevin O’Leary offered $100,000 for 25% equity along with a $400,000 line of credit.
Robert Herjavec offered $500,000 for 25% equity.
Rener declined both offers.
Lori Greiner then offered $250,000 in cash along with a $250,000 line of credit for 10% equity.
Rener accepted Lori Greiner’s offer.
QuikFlip Shark Tank Update
Although Rener accepted the offer on the show, the deal with Lori Greiner did not close. However, after the episode aired, QuikFlip experienced a significant surge in sales as the brand gained widespread attention.
Named One of TIME’s Best Inventions
In 2019, QuikFlip was named one of TIME Magazine’s Best Inventions of the Year, further boosting the company’s reputation.
Expanded Product Line
Rener expanded the product line over the years to include pullover hoodies, Hero Full-Zip hoodies, rain jackets, and styles for women and kids.
Expanded Retail Presence
The brand expanded into Amazon and other retail channels, including Walmart.
Continued Business Growth
QuikFlip continued to grow through its direct-to-consumer business and retail partnerships while its patented hoodie-to-backpack design remained its signature product.
Revenue
As of July 2024, the estimated annual revenue was approximately $4 million.
Despite the deal with Lori Greiner falling through, Rener successfully grew QuikFlip into a nationally recognized apparel brand after its Shark Tank appearance.
Where Can You Buy It?
QuikFlip is available through its official website, Amazon, and select retail partners. Customers can also purchase the products through the company’s official website.
Follow QuikFlip on Facebook, X, and Instagram for the latest updates.
Posts about QuikFlip on Shark Tank Blog
Want to learn more about the product’s innovative design? Check out our detailed article on QuikFlip Convertible Hoodie Backpack
Quick Summary
- Rener Gracie pitched QuikFlip, a patented hoodie that converted into a backpack, seeking $500,000 for 5% equity in Shark Tank Season 10.
- Lori Greiner offered $250,000 in cash plus a $250,000 line of credit for 10% equity, which Rener accepted, although the deal ultimately did not close after the show.
- After Shark Tank, QuikFlip experienced rapid growth, earned recognition as one of TIME Magazine’s Best Inventions of 2019, and expanded its product lineup and retail presence.
Check out other Shark Tank Season 10 Episodes.
Curious about the other businesses featured in Shark Tank Season 10 Episode 23? Explore more updates and see which ideas made a splash in the Tank.
