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Luna Magic Shark Tank Update

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Luna Magic is a line of cosmetic products offered in vibrant and fun colors. Luna Magic was launched in 2019 and in May 2020, Luna Magic won a Glossier Grant.

Luna Magic was one company that won this grant, along with sixteen others, out of 30,000. This grant is set up by the billion-dollar cosmetics industry, especially for the owners who are black.

Luna Magic provides fake eyelashes, eye shadows, lipstick, brushes, and many more products, and the pricing matches that of some premium cosmetic brands.

Luna Magic is available on Amazon, Walmart, and many other stores. Luna Magic targets its products with African American and Latin women, who spend around $35 billion yearly on cosmetics.

Luna Magic at a Glance:-

IdeaReasonable and quality cosmetic brand
FoundersShaira Frias and Mabel Frias
Asked For$200,000 For 10% equity
Accepted Deal$250,000 for 30% equity on a line of credit
SharksBarbara Corcoran
Business statusIn Business
Episode No.Season 12, Episode 10
WebsiteLuna Magic
Buy on AmazonBuy Now!

Index:

Who are the founders of Luna Magic?

Frais’ sisters Mabel and Shaira are the founders of Luna Magic. Mabel used to work as a digital strategist and she helped in the sales of beauty products at Macy’s, Nordstrom, and other big names online. Shaira used to work as a journalist and she also attended the Academy of Freelance Makeup School and became a make-up artist.

They named it in honor of their mother, who died in the initial stages of launching the start-up. They wanted to sell colors that are inspired by Caribbean and Latin American culture and represent the same.

Mabel took the idea of Luna Magic to her sister and they commenced their business. They wanted to expand their business, so they needed to approach a shark.

Did Luna Magic get a deal on the Shark Tank?

Luna Magic founders Mabel Frias and Shaira Frias came on the show seeking an investment of $200,000 for a 10% stake in return to the investors. Mabel shared that the sisters needed such a huge amount to build their bridge for logistics. Logistics is as important as planning, and sharks’ expertise and money can help them to make their bridges concrete.

Shaira shared that they had zero debt on their heads apart from having $157,000 in their business bank account. The sharks were very impressed by their presentation. They were dazzled when Shaira shared that they are already available in 1000 stores and numbers are growing on an infinite scale.

Mark Cuban came in front and shared their need for investment but he couldn’t afford the whole organizing section and therefore, he went out. Kevin O’Leary was super impressed by Luna Magic but he felt there might be a nightmare in the future, so he went out.

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Alex Rodriguez and Lori Greiner had some harsh words exchanged between the pitches. Alex Rodriguez said he was out because he had already invested in an alternative business to it, so due to a conflict of interest, he went back.

Barbara Corcoran directly gave an offer of $250,000 for 30% equity in exchange for a line of credit. Lori Greiner also left the pitch due to a conflict of interest. There was only an offer left on the table and, without any negotiation or counteroffer, the sisters accepted the deal with Barbara Corcoran.

What happened to Luna Magic after the Shark Tank Show?

 On the show, the deal was closed between Luna Magic and Barbara Corcoran. As of 2022, reports say that there is no evidence that the deal is closed yet. Once the show aired, their products started to sell out and profit was boosted.

Luna Magic captured the market in a very short period as it is much more affordable than other alternative brands. After the show, Luna Magic got the world’s biggest platform- Amazon-to sells their products through an online portal.

They have also cracked into Walmart and are trying to expand internationally. Amazon offers various offers for Luna cosmetics and it is also available on the retail market. After the show, from store to store was the major objective of Luna’s founder.

During the pitch, they came up with a valuation of $2 million, which was later updated to $ 8,333,33.3. After the show, Luna Magic seemed to spread its magic over every household countryside headquarters.

Luna Magic has made various new additions to the market. Luna Magic has various products and costs; Nude collection bullet lipstick ($8), Desert Palette ($10), Bronzers pack of 2 ($8), Va-Va pink lashes ($25), Bella lashes ($8), Romance Palette ($8), Nude shadow Palette ( $16), Goddess shadow ( $16) and many more.

To grab 10-15% off and to check out more options, go check here. As of 2022, they have added more products and are planning something big to execute by the year’s end.

Competitors of Luna Magic are:-

  • Love fresh
  • FunmeU
  • Miracle9
  • Neat Filaments
  • Cad works 3D.

 What is the net worth of Luna Magic?

The estimated net worth of Luna Magic is $1.9 million. The valuation during the pitch was asked for $2 million and later updated to $833,333.

Is Luna Magic still in business?

 Luna Magic is still in business and has also launched a few new products. Luna Magic’s reasonable rate is a magical factor in their ongoing success. Luna Magic is now available on Amazon and the biggest retail shops, like Walmart. Buzz Bucket wishes more magic for Luna Magic.

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FAQs:

What is Luna Magic?

Luna Magic is a line of cosmetic products offered in vibrant and fun colors. Luna Magic was launched in 2019 and in May 2020, Luna Magic won a Glossier Grant. Luna Magic was one company that won this grant, along with sixteen others, out of 30,000. This grant is set up by the billion-dollar cosmetics industry, especially for the owners who are black.

What's the net worth of Luna Magic?

The estimated net worth of Luna Magic is $1.9 million. The valuation during the pitch was asked for $2 million and later updated to $833,333.

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