Lip Bar Shark Tank Net Worth 2023
The Lip Bar is a vegan-friendly, affordable, and cruelty-free makeup brand founded by Melissa Butler. The company was established to showcase more diverse imagery than other current beauty brands. The Lip Bar appeared on Shark Tank in 2015 seeking $125,000 for 20% equity but left empty-handed.
Despite the rejection, the company has grown significantly and is now worth an estimated $15 million as of 2023. In 2018, The Lip Bar was valued at $7 million. Melissa Butler and Rosco Spears are the founders of The Lip Bar. Melissa graduated from Florida A&M University while Rosco studied at Ferris State University.
They started selling through their website and created an app where interested buyers could customize the color of their lipstick.
After two years in business, the company made $107,000 in sales. Although they had trouble getting distribution with major retailers, they were able to get their products on shelves at Target.
The net worth of The Lip Bar’s founders Melissa Butler and Rosco Spears is estimated to be $7 million as of 2022. However, it is important to note that net worth can fluctuate over time due to various factors such as investments and revenue changes.
What Is The Lip Bar?
The Lip Bar is a line of lipsticks that are both vegan and cruelty-free. They are made with shea butter, avocado oil, and jojoba oil, and are available in a range of colors, including traditional pinks, reds, and creams, as well as more unconventional blues and greens. The shades are created using organic, fair trade shea butter, and organic castor and avocado oils.
In 2011, Melissa Butler quit her job on Wall Street to create The Lip Bar. Starting in her kitchen, she mixed and molded the brightly colored lipsticks herself.
Butler was inspired to start The Lip Bar due to the lack of affordable vegan lipsticks available in vibrant colors. She began selling her vegan lipsticks out of her Brooklyn home in 2012 while still working her job on Wall Street.
Despite launching an unsuccessful Indie Go-Go campaign, which raised only half of her $27,000 goal, Butler persisted. After two years, she quit her job and returned to her hometown of Detroit to focus on The Lip Bar full-time. Between 2012 and 2015, the company generated $100,000 in sales.
The Lip Bar’s lipsticks come in a wide range of colors, both vibrant and neutral, with many shades having cocktail-themed names. All of the products are made with natural ingredients and are vegan and cruelty-free.
In 2015, Butler and creative director Rosco Spears appeared on Shark Tank to pitch a mobile version of The Lip Bar. Seeking a $125,000 investment for a 20% stake in the company, the duo faced tough criticism from the Sharks.
They were rejected by all five Sharks, who deemed the multicolored lipsticks to be unmarketable and even referred to them as “clown makeup.”
Despite the harsh criticism, Butler was not deterred. “Honestly, they were pretty harsh,” she said in an interview with The Detroit News. “But it all worked out in the end since we got a lot of publicity.”
Lip Bar After The Shark Tank Update
Melissa Butler and Rosco Spears appeared on the television show Shark Tank, where they sought a $125,000 investment in their brand, Lip Bar, in exchange for a 20% stake. Despite Butler’s efforts to persuade the sharks to invest, they declined the opportunity.
This decision ultimately caused them to miss out on a significant financial gain, as Lip Bar is now valued at almost half a million dollars.
Since their appearance on Shark Tank, Lip Bar has expanded significantly, resulting in skyrocketing sales. The company has collaborated with several businesses and has even parked their truck outside of stores. One of their most notable collaborations was with Urban Outfitters in Washington, DC.
Lip Bar is a cosmetic brand that offers a wide range of hues, with 44 Target locations currently carrying their products. Target even exclusively offers two shades, Unimpressed and Baddie, which are not available elsewhere. The brand now provides 26 foundation colors, each containing a buildable, skincare-infused serum.
The company prides itself on using diverse models, not just in skin tone but also in size, in their advertisements.
Lip Bar has made it a priority to create foundation shades that work for all skin tones, which many larger cosmetic companies have failed to do. One of their most popular products is the Fast Face kit, which includes five makeup items that can be used for a full face application, and is available for purchase at $99.
How much is The Lip Bar worth?
Melissa Butler’s Lip Bar is estimated to be worth $7 million.
Lip Bar FAQs
What exactly is The Lip Bar?
The Lip Bar is a brand of cruelty-free, vegan lipsticks created with shea butter, avocado oil, and jojoba oil.
Melissa Butler, who is she?
Melissa Butler is an entrepreneur from the United States who founded the cosmetics company The Lip Bar.
What was Mellisa’s first job?
Butler, who worked full-time on Wall Street, decided to establish his own firm since he disliked his job.
What Exactly Did Melissa Do?
With that in mind, the entrepreneur set out to create what she felt was lacking in the beauty industry: a product with a mission as bold as its pigments.
She started manufacturing and selling vegan lipsticks out of her Brooklyn home in 2012 as a side job.
What inspired her to create The Lip Bar?
She was motivated to start The Lip Bar after becoming dissatisfied with the absence of inexpensive vegan lipsticks in vibrant hues.
Did Lip Bar get a deal on Shark Tank?
Melissa Butler, the youthful entrepreneur of The Lip Bar, and her business partner Rosco Spears of New York City offered the cosmetics firm on Shark Tank in February 2015 but did not receive a deal.
Who is the proprietor of Lip Bar?
Melissa Butler, a Detroit native, has skillfully turned the start-up cosmetic company The Lip Bar into a nationwide success.
Melissa earned a Bachelor of Science in Business Finance from Florida A&M University before working as a certified stock broker on Wall Street.
Is The Lip Bar black owned?
The Lip Bar is a black-owned cosmetics company known for its diversity and killer lipsticks.
When did Melissa Butler go on Shark Tank?
Melissa Butler began producing lipstick in her kitchen nine years ago. In 2015, the Detroiter was featured on the television show Shark Tank, where she was rejected funding for her multicolored lipsticks.
Who is the CEO of the lip bar?
Melissa Butler is the founder and current CEO of Lip Bar,
Unlike many beauty businesses, she was not a makeup or skin-care enthusiast.
Butler began her professional career at Barclay’s, and her interest in beauty sprang from her frustration with how women were assessed by their appearance, which was especially evident on Wall Street.
What are some of Lip Bar Products?
The Lip Bar’s Cream Lipstick, which cost $12, is a super-moisturizing product including shea butter, coconut oil, avocado oil, and vitamin E.
Then there’s the liquid matte collection, that cots $13, which contains almond oil to keep the matte effect from drying out your lips.
Finally, there’s the organic lip gloss collection which nourishes like a balm and finishes like a lip glaze. It cost $14.
Melissa Butler’s first product was what?
Melissa Butler and her creative director Rosco Spears set out in 2011 to create a lipstick that stood out from the others on the market.
She said that she was fed up with the cosmetics industry’s lack of diversity, inclusiveness, and excessive use of needless chemicals.
Melissa stated that she established the Lip Bar because she was upset with her limited creative options for lip colors, which were limited to pinks, reds, and nude hues.
Where can I get TLB?
TLB is now available at 750 Target Stores, 500 Walmart Stores, and our Downtown Detroit Flagship Store.
What is the price?
Melissa claims she produces it at home and that it costs $3 to create; the product sells for $20.
What was the deal?
There was no deal between the sharks and Lip Bar.
What happened to Melissa Butler’s business after the shark show?
In fact, the goods were dubbed “clown makeup” by the show’s host, Kevin O’Leary. After only five years, The Lip Bar has become a national bestseller brand, partly due to a national agreement with Target.
Is The Lip Bar still in business?
Yes, the business Lip Bar is still in operation and expanding. Their product are currently available in 44 Target locations.
