Here's What Went Down With Luna Magic Beauty After Shark Tank
There was something really special about Luna Magic Beauty and their pitch on "Shark Tank." We've certainly seen a share of makeup-focused lines and skincare brands trying to score a deal on the ABC reality show, so the concept itself isn't new. There was The Matte Makeup Organizer, an accessory line that's still active today. Then there were Makeup Junkie Bags, another line that went on to succeed even without the help of the sharks. We also saw OpulenceMD Beauty pitch amazing fake lashes on "Shark Tank;" unfortunately, this brand closed down, despite the founder's talented pitch. But while all of these companies had great products, Luna Magic Beauty had more than just a niche to fill — they had a story.
The brand's story begins with Shaira and Mabel Frias, two sisters who grew up in New York City with Dominican parents. Prior to founding their brand, Mabel worked as a digital strategist for makeup lines, while Shaira was a journalist who had professional makeup training. In 2019, they founded their line specifically for an African American and Latin market, though the product range is so vast that the line is really inclusive. The Frias sisters had made a lot of headway prior to arriving on "Shark Tank." In May 2020, they won a Glossier Grant of $30,000 for a business founded by Black innovators. Luna Magic Beauty was already in Walmarts across the United States and they had an Amazon shop, as well as their own website. When Shaira and Mabel arrived on "Shark Tank," during an episode that aired on January 15, 2021, they asked for $200,000 in exchange for 10% of their brand.
What happened to Luna Magic Beauty on Shark Tank?
Sisters Shaira and Mabel Frias really impressed the sharks on "Shark Tank" when they pitched their brand of makeup, Luna Magic Beauty in 2021. Not only was the brand already available on Amazon and soon to be at Walmart, the sisters also had no debt and $157,000 cash. In other words, they knew exactly what they were doing. Shaira noted that they came up with the business idea after they struggled to find cosmetics that were formulated with their skin tone in mind. They hoped to fill that gap in the market by providing great quality makeup at an affordable price point.
Mark Cuban and Kevin O'Leary pulled out first. Alex Rodriguez, former baseball player, was a guest shark that day and as excited as he was by the Frias' pitch, he also refrained from investing. At the time, he was engaged to Jennifer Lopez and explained that they had conflicting interests, likely because of JLo Beauty. Lori Greiner also had a conflict of interest and had to pull out.
Barbara Corcoran gave them some tough love. She told them that their business was a bit of a mess, but because she liked them and believed in them, she agreed to help them get everything in order. Corcoran offered them $250,000 in a line of credit to fund their orders in exchange for 30% of their brand. They accepted Corcoran's offer and walked away with a deal.
Luna Magic Beauty After Shark Tank
It's very common for deals to go through during a "Shark Tank" episode, and then later, during paperwork, the deal falls through. It's not totally clear if the deal between Shaira and Mabel Frias and Barbara Corcoran actually closed. On their website, they certainly make mention of their "Shark Tank" pitch. They wrote, "[W]e walked away with a deal offer!" That is not the same language that one would use if a deal closed. Also, Corcoran isn't present anywhere on their website, and typically if a "Shark Tank" deal goes through, the investor pops up on the brand's website. To be fair, the Frias sisters do have their "Shark Tank" episode up on their website, so they're obviously very proud of their pitch and the exposure that came from their episode.
During their pitch, Corcoran called Luna Magic Beauty "messy" and it was evident (and unsurprising) that the term bothered Shaira and Mabel. In the post-pitch interview on ABC, Mabel said, "You know, we underestimated how difficult the shark tank is, but we're very grateful that we walked away with a deal. I mean, obviously the word 'messy' was a little bit of an ouch." Clearly, that kind of language didn't sit well with either Shaira or Mabel, so it's possible that after the episode, they just didn't feel like a relationship would work with Corcoran, or vice versa.
Luna Magic Beauty is thriving post Shark Tank
Luna Magic Beauty is doing so well, thanks to the ingenious entrepreneurship of Shaira and Mabel Frias. When they pitched their line on "Shark Tank," they told the sharks that they were about to break into Walmart. Now, not only are they in Walmart, they're also in Target and CVS. According to Shark Tank Blog, as of May 2023, Luna Magic Beauty's annual revenue is projected to be $1.7 million.
The company is thriving for a reason though, and while the "Shark Tank" exposure was major, their success goes way beyond that. Luna Magic Beauty's Instagram presence is a hub of frequently updated activity. Not only are they actively updating their Instagram page, they also have a beauty newsletter that creates a lot of activity around sales. For instance, in October 2023, there was a deal that if someone subscribed to the Luna Magic newsletter, they got 10% off their order. They also have a specific link for their viral lash primer on Amazon, because the product is so loved. The product gets 4.4 stars out of 5 on Amazon reviews.
The Frias sisters know how to get out there. Mabel has a podcast called The Luna Magic Podcast. They also have a brand ambassador program so that influencers can get early access to launches and other perks. These sisters know how to work it on social media.
What's next for Luna Magic Beauty?
We are so excited to see what's next for Luna Magic Beauty. The brand is growing strong under the competent and creative direction of Shaira and Mabel Frias. They continue to work in innovative spaces within the beauty industry. They collaborated with Boxy Charm, a monthly beauty box subscription, and Kyle Jenner gave their viral lash primer a shoutout on her Instagram stories. They've also collaborated with IPSY, another beauty subscription. These entrepreneurs totally get it that if you want your beauty brand to grow, these subscription packages are a great way to get exposure.
One other thing that the Frias sisters have done that we love is the Mentor Magic program. For Hispanic Heritage month in 2023, Mabel and Shaira founded this program to support Latina women in the beauty industry. In collaboration with Prose, they awarded Honey Beauty NYC with $10,000 to continue its work as a rising business. The event took place in New York City, and they announced that the next mentorship program would take place in Los Angeles, so there's more to come. With all of this going on, it's clear that Luna Magic Beauty is on the pulse of successful entrepreneurship and good quality products. Their line has expanded to include lashes, balms, makeup brushes, lip liners, bronzers, highlighters, and brow products. Bring it on!