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Lipstix Remix Shark Tank Update

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When it comes to makeup the most vital thing in the set is lipstick, but what to do when the lipstick would have been broken or melted due to some reason unknown. That is when the idea of Jill Quillin works and her firm Lipstix Remix comes to the rescue.

This business is based on the age-old philosophy of reuse and uses broken and melted lipstick for new and innovative ideas. The interesting fact about this venture is that every woman knows that 1/3 of the lipstick in a lipstick holder is used to anchor it up.

This amount of lipstick is wasted so what to do next? Here is where the technique of color mixing works and helps women save money on their expensive makeup sets. By the mentioned technique the company is able to create new interesting shades that ladies love.

Lipstick Remix at a glance:

Business ideaReuse or repair broke or melted lipstick
FoundersJill Quillin   
Asked for$105,000 for 30%
Accepted deal$105,000 for 50%
SharksKevin Harrington, Barbara Corcoran, Daymond john.
Business statusOut of business
EpisodeSeason 1 Episode 13
Lipstix Remix at a glance

Index:

Founder Story:

The founder Jill Quillin is an innovator in the field of cosmetics and has developed a company called Lipstix Remix which combines melted lipstick into new shades and experiments with color mixing all the time.

The idea of reusing 1/3 of the remaining lipstick was a major problem faced by women around the world and this led to the generation of this business. Jill herself had many expensive lipsticks that just went to waste. The owner Jill first started off by manufacturing the kits herself but soon she found many obstacles, so hired a manufacturer to do the same.

Did Lipstick Remix get a deal on shark tank?

The beauty enthusiast entered the shark tank seeking an investment of $105,000 for 30%. She wanted a shark who knew how to brand the product and sell it in stores nation and worldwide. She first introduced the problem and the process of making the product. Barbara was interested and was the first one to compliment her on her brilliant idea. Robert believed it could only be sold on TV so he thought it was not really a business. 

Barbara offered her $105,000 and asks if any of the other sharks are ready to invest the other half. Jill says that we can reach these in stores and sell 7 for each customer. She also tells the sharks that it costs $19.99 for a kit and she has made $6,000 in revenue before coming to the shark tank. Daymond makes an offer for $105,000 for 40%. Then Kevin makes up his mind to join in with Barbara.

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Finally, Daymond says why do we need Barbara we can do the deal on our own. Barbara is offended leading her to go out. Finally, after a lot of discussion and understanding among the three, they make an offer to Jill of  $105,000 for 50%. She accepts the offer after asking her husband. She gets three sharks for $105,000 for 50% of her company.

What happened to Lipstick Remix after shark tank?

The bond between the sharks and Jill worked out as they had success in sales after airing on the shark tank. An incident in 2013 led to the discontinuation of sales for the company. About the product:

  • The process of generating a new lipstick shade takes three simple steps:
  1. Collect the remaining lipstick in a measuring cup
  2. Melt the lipstick in the microwave
  3. Put the melted lipstick in a mold and refrigerate.
  4. Your lipstick is ready to wear.
  • The product has sold 544 units of the kits making a revenue of $6000. The kits cost 19.99 to sell and are sold online and in retail stores. The product is using the color mixing technique to create the product.
  • Today the company is out of business as of June 2022. The company started in 2005.
  • In 2013, Quillin posted this on social media:

“I had to make a tough decision about the business and unfortunately, I am no longer selling kits. I wish you all the best and I appreciate your support.”

What is the net worth of Lipstick Remix?

The net worth of the business was $305,000 when it aired on shark tank. There is no information as to its net worth in 2022 as it is not functioning anymore.

Is Lipstick Remix still in business?

 The business lipstick remix is not in business from June 2022. In 2011 the company decided to stop functioning. The manufacturer stopped developing the product. She stopped selling the product in the first quarter of this year.

This venture could not help all women due to its unfunctional nature after 2011. All said and done the founder is now still the owner of Divine innovation that continues to satisfy its customers.

Lipstix Remix social links:

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FAQs:

What is Lipstix Remix?

Here is where the technique of color mixing works and helps women save money on their expensive makeup sets. By the mentioned technique the company is able to create new interesting shades that ladies love. This is done by Lipstix Remix

Who founded Lipstix Remix?

Jill Quillin is the mastermind behind the Lipstix remix brand.

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