Have you ever kept your hoodie safely by your side at all times or used it as a multi-utility item that converts into two things with just a flip? Well with Quikflip it’s possible. The first-ever hoodie which can be tucked in and flipped into a backpack in which you can even store your belongings
This product may not seem of use to you now but you must try it!! This product is useful for people from all walks of life who do not want to allow hoodies to take up space anywhere may it be the wardrobe or a travel pack. The hoodie technology and design patents are pending but the product is a hit everywhere. The product was developed by Rener Gracie. Let’s see how he came up with the dual utility idea.
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Founder Story:
Rener Gracie is a black belt in the martial arts Jiu-Jitsu. They came to America because of his uncle and father who started the first-ever Jiu-Jitsu academy in America. Today Rener is an instructor too and loves what he does.
When it came to the idea of Quikflip. The father-son duo wanted to go out to the park for a stroll and when they reached, they spent some time, and finally, it started to become scorching hot. Rener wanted to talk off his hoodie but didn’t have an option to keep it, so he hung it on his shoulder, but when it can to picking up his son, the hoodie fell off and that is how the idea came to be.
He decided it was easier to have a convertible hoodie that could efficiently convert into a backpack that could be carried anywhere.
Quikflip at a glance:
| Business idea | Quick flipping 2-in-1 reversible backpack hoodie |
| Founders | Rener Gracie |
| Asked for | $500,000 for 5% |
| Accepted deal | 250,000 for 10% with 250,000 for line of credit. |
| Sharks | Lori Greiner |
| Business status | In business |
| Episode | Season 10 Episode 23 |
| Website | Quikflip |
| Buy on Amazon | Buy Now! |
Did Quikflip get a deal on shark tank?
This was by far the best pitch on shark tank and was enjoyed by the audience as well as the shark themselves. The Jiu-Jitsu black belt instructor enters seeking an investment of $500,000 for 5% of the business. After discussion and presentation about how the idea was formed and pitched. The sharks receive samples from Rener of the product. Next, they have a competition between the sharks to showcase the dual utility value of the product and Robert is the winner.
After that, The product is liked by the sharks. Rener talks about his patents on the product and the patents that are pending. He talks about sales next and tells the sharks, he sold 5000 units in two and a half months which netted $200,000.
Daymond is the first one to go out as he thinks the consumers will not realize the convertible factor related to the hoodie by seeing the product on the clothing rack. Mark is next to go out as he cannot add value to the product. Kevin is the first one to make the offer, he offers Rener $100,000 for 25% and also a $400,000 line of credit. Robert offers him $500,000 for 25%.
Rener is on the verge to disagree when Lori jumps in with an offer of $250,000 cash with a $250,000 line of credit for 10%. Rener soon after agrees to the offer. The deal is successful for Rener with Lori Greiner at $250,000 cash and a $250,000 line of credit for 10%.
What happened to Quikflip after shark tank?
The Quikflip brand saw its appearance on shark tank to have a massive impact on the sales. They soared and soared as the customers loved the product and bought in massive amounts. Due to this the deal with Lori never closed and the product got a chance to be part of the retail outlets in the country as well. This product was named one of Time magazine’s best inventions of the year in 2019.
About the product.
- The product is available as full zips, pullovers, and dry flips, also available for women and kids.
- The product is customizable as they have a customized tab available on their website.
- The product provides freedom and efficiency to its users.
- The product is manufactured for $14-$15 and is sold for $40-$50 online.
What is the net worth of Quikflip?
The annual revenue of Quikflip is $4million as of today. They entered the shark tank with a valuation of $2.5 million, but there is no information on their valuation as of today.
Is Quikflip still in business?
Quikflip is still in business and reaping the benefits of its sales day by day. The company is successful and selling its products like hotcakes online and in retail stores today. The hopes were high for this company and they are selling now to their full potential. The product is famous and known for its technology. Let’s see where they go to next?
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What is Quikflip?
Quick is a flipping 2-in-1 reversible backpack hoodie.
Who founded Quikflip?
Rener Gracie is a black belt in the martial arts Jiu-Jitsu. They came to America because of his uncle and father who started the first-ever Jiu-Jitsu academy in America. Today Rener is an instructor too and loves what he does.