Makeup pouches are hands down the most conventional need that we look into. However, with so many different types of products available, it isn’t surprising that people are often confused about how to get things going.
The brainchild of Meredith Jurica, Makeup Junkie is a versatile makeup pouch business that came on Shark Tank seeking investment. The journey of Meredith has been quite impressive, especially concerning the quality of the product and the unique design.
If you have been wondering where the brand is stationed at present, this article will explore everything you need to know about Makeup Junkie bags and what they are up to after Shark Tank.
About the Founder
Being a “makeup junkie”, Meredith always had an affinity towards carrying make-up wherever she went. This is what led to the foundation of the company, Makeup Junkie Bags.
There’s not much to disclose about Meredith herself since she prefers keeping her private and early life out of the media spectacle. However, what’s great is that Meredith saw potential and later decided to cash in on the idea and launched Makeup Junkie bags.
Founding Makeup Junkie Bags
As cliché as it sounds, Makeup Junkie bags were created with one intention – To streamline carrying makeup items when traveling.
Meredith, who designed this multipurpose carrying pouch confirmed that she always had an affinity towards makeup. Since she always traveled with makeup, she found it difficult to keep everything in one place, which is why she decided to design and launch The Makeup Junkie bags.
The main intent behind the product was to make carrying makeup while traveling a lot easier. Besides the multifunctional design, one factor that stood out about this bag is its functionality. The interior is water and leak-resistant, ensuring that even if you spill your products inside, they won’t leak out.
With the bag’s prototype ready and in place, Meredith started producing them in small batches and sold them at the local mall. This brought her a lot of initial traction. Later, she switched to selling the products on social media and started mass-producing them.
On Shark Tank
Meredith took her product and her brand on Shark Tank, where she asked for $200,000 for 15% of the company. With the numbers that Meredith showcased about her brand, it wasn’t surprising that pretty much all the Sharks were pretty impressed.
With around $1.5 million in revenue in 18 months and pretty great sales offers, the Sharks were impressed with Meredith’s brand. However, they found the investment to be risky.
Everyone, except Lori backed out. Lori offered $200,000 as a loan for 5% of the company and $1/bag. Soon after, Kevin and Sara joined but Meredith asked Lori to review her offer of $.75 per bag and accepted the deal.
After Shark Tank
Despite the offer going through, Lori’s deal wasn’t confirmed after the show. However, it looks like Meredith has excessively scaled her business because the company now has a valuation of $10 million after its appearance on Shark Tank.
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