Make-up Junkie Baggage proprietor, Meredith Jurica, entered the Shark Tank in hopes of securing $200,00Zero for a 15% share in her firm. The Make-up Junkie Bag is a multi-functional bag that lays flat to maximise storage capability and might double as a clutch with a conveniently connected wrist strap. The Make-up Junkie Bag is at the moment being offered in 1,200 shops nationwide, nevertheless, Meredith feels that they’re in want of a mentor and investor that may assist them enhance manufacturing for giant field shops and enhance their model consciousness.
— Shark Tank (@ABCSharkTank) January 21, 2019
As a result of the revenue margins for the product are so excessive, gross sales for the Make-up Junkie Bag (and the road for males “Man Junk”) have reached $1.5 million over 18 months. The corporate can be debt free and 100% owned by Meredith. Make-up Junkie Baggage are at the moment being manufactured in Houston, TX. Meredith tried to have them contract manufactured however was sad with the sourced high quality. She used her income from the preliminary gross sales to purchase business gear and rent seamstresses. They’re now in a position to produce 6,00Zero items per 30 days, nevertheless, they know they’re are going to want to extend their manufacturing worth to have the ability to sustain with large field demand.
The Sharks are very impressed with Meredith’s can-do angle and the grit that she has proven to determine and develop her firm. Lori Greiner shares that she would like to have somebody like Meredith as a enterprise associate. She affords Make-up Junkie Bag $200,00Zero as a mortgage in trade for five% of the corporate. She would additionally obtain $1/bag in perpetuity. Lori feels that she is an efficient match as an investor and mentor as a result of she at the moment manufactures luggage so she’s going to be capable to assist with manufacturing and design assets. Lori additionally has contacts that might be very priceless for Meredith resembling QVC. Meredith counters for a discount in royalties on the luggage from $1 per to $0.75 per bag and Lori agrees. Meredith accepts Lori’s supply after receiving further affords from Kevin O’Leary ($200,00Zero for 3% of the corporate and $1.50 a bag till $750,00Zero is paid again) and Sara Blakely ($200,00Zero as a mortgage with no possession and a royalty of $1 per bag till the mortgage is repaid). Meredith cited that the last word purpose that she selected Lori’s supply was that Lori advised her precisely how she can be current of their partnership which is strictly what she was searching for in a enterprise associate.
I will give an ichiwawa karumba for $1.5 mil in 18 months!! So typically we get entrepreneurs working in right here with $Zero gross sales and a CRAZY valuation. #MakeupJunkieBags is the true deal! @ABCSharkTank #sharktank
— Kevin O’Leary (@kevinolearytv) January 21, 2019
— Barbara Corcoran (@BarbaraCorcoran) January 21, 2019
What do you consider Lori’s funding in Make-up Bag Junkie? Would you buy this product? Hold forth within the feedback under!
For a full abstract of this episode, try this text. Shark Tank airs on Sundays at 9:00 PM EST.