While the beauty industry may be a saturated market, Melissa Butler was frustrated with the boring lipstick shades and the unnecessary chemicals they contained. She and her business partner, Rosco Spears, have created a lipstick line with fun colors and organic, vegan ingredients. Will the sharks offer them a deal on
Shark Tank The Lip Bar Update
- Entrepreneurs: Melissa Butler and Rosco Spears
- Business: Organic, colorful lipstick
- Ask: $125,000 for 20% equity
- Result: No deal
- Sharks: None
Entrepreneurs Melissa and Rosco entered the tank modeling two of their colorful lipstick shades. Melissa shared why their lipstick was a better choice and then invited Lori Greiner to try out their products. When she swiped some on her hand, she shared that it was smooth and creamy. They explained that the focus of The Lip Bar, was self expressive and responsibly made cosmetics. They had many ideas for their brand and were determined to bring customers a better lipstick experience.
NOURISH & HYDRATE - Each sleek tube is filled with the best lip loving ingredients like Shea Butter, Coconut Oil, Avocado Oil and Vitamin E to give your pout the proper level of pampering it deserves.
The ladies told the sharks that their company had recently reached $107,000 with $8,000 in sales during the 30 days prior to filming. All of those sales had come from online, and modeling their lipsticks also helped bring in customers. A single unit, handmade by Melissa, costs just $3.00 to make and sold for $20.00. These margins were impressive to Lori.
Robert Herjavec was the first shark to make a decision, dropping out because he didn’t like the branding or the concept. Lori also seemed concerned that the online website might not be the best way to determine the exact color of lipsticks due to the fact that everyone has a different screen brightness and the color in person is always different than the color on a screen. She eventually went out.
Ultimately, the remaining sharks all decided to drop out for a variety of reasons, mostly stating there was too much competition in the beauty industry. With no deal being made in the tank, what became of Melissa and Rosco’s company? Keep reading The Lip Bar update to find out!
We have great news to share! Research for The Lip Bar update revealed that the company is now featured in Target stores, proving they were determined to succeed! With increasing sales and long-term potential for growth, it seems that Kevin and some of the other sharks may have some regret about passing on this particular investment. Products are also available on Amazon and on The Lip Bar website.
Are you interested in learning about the other companies featured on Season 6 Episode 18? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!