Meredith Jurica was the first entrepreneur into the S
Shark Tank Makeup Junkie Bags Update
- Entrepreneurs: Meredith Jurica
- Business: Makeup Bags
- Ask: $200,000 for 15% equity
- Result: $200,000 loan for 5% equity and 0.75 cent royalty in perpetuity
- Sharks: Lori Greiner
After the initial presentation had concluded, Meredith told the sharks that her first three months in business resulted in more than $100,000 in gross revenue sales. Lifetime sales through eighteen months were just over $1 million, according to Meredith. A single makeup bag costs about $6 to manufacture. The cost can slightly vary depending on the size of the bag. These units can be sold at retail for around $50.
The biggest reason that Meredith came onto
Barbara Corcoran and guest shark, Sara Blakely, didn’t believe that they could provide the type of help that would be worth it to Meredith and her company, so they were the first two sharks to drop out. Mark Cuban also dropped out because he didn’t personally relate to Meredith’s makeup bag company.
With two sharks remaining, Lori Greiner admitted to Meredith that she was going to drop out, but she changed her mind at the last minute. Lori offered $200,000 as a loan in exchange for 5% equity and a $1 dollar royalty on each unit sold in perpetuity.
Kevin O’Leary almost duplicated the same offer that Lori made, except his royalty would be until three times his initial investment is paid back. He also lowered his requested amount of company ownership to just 3% equity instead of Lori’s 5% equity request. Meredith eventually agreed to a deal with Lori, except with one minor change. Instead of a dollar royalty, it would be just $0.75 in perpetuity.
Let’s shift our focus to the Makeup Junkie Bags update to see what happened after Meredith left
The main reason for this is that the two apparently disagreed on whether to relocate a manufacturing facility or not. Since Meredith didn’t want to follow those terms, she never received the funding and the deal was never finalized. Makeup Junkie Bags is still in operation and is doing fairly well.
You can find the other company updates from Season 10 Episode 11 here:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from