Luna Magic Shark Tank Net Worth 2023
Luna Magic’s founders Shaira and Mabel Frias have a net worth of 1.5 Million USD as of 2022. Luna Magic is still in business and has launched new products. The estimated net worth of Luna Magic is $1.9 million.
The valuation during the pitch was asked for $2 million and later updated to $833,333. There is no indication that the agreement with Barbara Corcoran has closed as of July 2021.
What is Luna Magic? Who founded Luna Magic?
Luna Magic is a brand of cosmetics, skin care, and personal care products recognized for their vibrant colour palettes and hue diversity.
Makeup, fake mink and mink false lashes, fragrance, vegan nail polish, Latina pride t-shirts, and numerous accessories such as face masks and hair clips are now available.
They have eyeshadow palettes, lip gloss, liquid lipstick, bullet lipstick, blush, highlighter, and more in their cosmetic range.
Mabel and Shaira Frias, sisters, co-founded Luna Magic.
Mabel graduated from New York University with a B.A. in History and Parsons School of Design with an M.A. in History of Decorative Arts and Design.
She worked in retail and e-commerce before founding Luna Magic after finishing her school. Shaira hasn’t revealed much about her life before Luna Magic, she say that she studied Broadcast Journalism at CUNY-Brooklyn College.
After years of expertise in the beauty sector, we created Luna Magic Beauty in 2019.
Luna Magic Beauty was born out of a desire to create a bright, vivid beauty and lifestyle brand that honours our ethnic roots and women of all colours and origins.
Luna Magic Shark Tank Pitch
Mabel had a difficult time convincing major corporations to accept the vibrant colors she wanted in her makeup.
In 2019, she teamed up with her sister to create a cosmetics brand that would cater to Latinas and culture enthusiasts, naming it after their deceased mother. The company received a Glossier Grant in 2020 and was one of 16 winners out of 30,000 applicants.
The Frias sisters aim to tap into the $35 billion cosmetics spending of African American and Latina women. Their brand offers a range of vibrant makeup products at reasonable prices and is available on various retail platforms, including Amazon and Walmart.
However, they seek assistance from a Shark to expand their “Latin Vibe” company and are looking for a $200,000 investment for a 10% stake in the firm.
During their pitch on Shark Tank, the sisters impressed the Sharks with their over 1000 stores and discussions with Walmart about end caps.
Lori and Alex couldn’t invest due to a conflict of interest, but Barbara offered a $250,000 line of credit at 30% interest to fund all purchase orders, which the sisters accepted.
The show’s first re-run was in March 2021, and as of July 2021, it appeared that the agreement with Barbara had not yet closed.
Nonetheless, the Frias sisters expressed excitement about the opportunity to gain exposure and mentorship from their investor, and customers can find Luna Magic Beauty at Walmart stores and on Walmart.com.
Luna Magic Net Worth
Luna magic net worth was $833.333, after accepting the offer.
Luna Competitors
Luna magic competitors are associated with other successful businesses like Sephora, Dior, MAC, etc.
Luna Magic FAQS
Is Luna magic still in business?
Currently, Luna Magic remains co-owned by the sisters, neither of whom have indicated any desire to sell, and brand awareness and sales growth continue to increase as a result of their curated social media presence and favourable news representation.
Did Luna Magic get a shark tank deal?
Yes, Luna Magic get a deal from Barbara Corcoran.
Is Luna magic vegan?
Delight in our 100% vegan and non-toxic polish formula to spice up your nails! For best results, please coat each nail finger with your favourite base coat, the polish formula followed by favourite top coat.
How do you use the Luna magic primer?
For a light and fluffy eyelash look, apply the pink primer on your lashes and wait 10-15 seconds then apply your favourite mascara.
If you let the primer dry, the mascara will apply lumpy and thick.
What is Luna magic?
It is a vibrant beauty and lifestyle brand that celebrates our multicultural heritage and women of all shades and backgrounds.
When was Luna Magic aired on Shark Tank?
It was aired on 15th January, 2021
Which episode was Luna Magic aired on Shark Tank?
It was season 12 episode 10
Is Luna magic makeup cruelty free?
Made by popular demand, we created a high-quality collection of 100% faux mink lashes to add more spice to your life. All faux-lashes are vegan, cruelty-free and gluten-free.
Who owns Luna makeup?
Mabel and Shaira Frias, the Afro-Latinas queens behind the vibrant makeup brand Luna Magic.
Where is Luna Magic located?
Luna Magic is based Los Angeles.
What is the price range of Luna magic?
Luna magic Cosmetics prices start at $8 and go up to $30. You can buy them on Amazon and Walmart.com.
