Makeup Junkie Bag Shark Tank Net Worth 2023
Meredith and Lori never reached a deal, as Lori wanted to manufacture overseas while Meredith wished to keep it in Texas. Since June 2021, Meredith’s products have spread out into 2000 stores across the US, with yearly revenue reaching $2 million.
The Company’s net worth is estimated to be over $10 million, making it one of the most successful businesses despite the failed negotiations.
What is Makeup Junkie Bag?
The Makeup Junkie Bag is a cosmetic pouch that remains flat, granting convenient and total access to all items, while minimizing the risk of tipping over and spilling its contents. These bags are meticulously handmade in Texas and are available in more than 2,000 retail locations throughout the country.
They come in four different sizes: mini, small, medium, and large, and in a range of colors and patterns, such as Bordeaux Velvet, Slate Geometric, Fiesta Floral, Holographic Gator, and Two-Faced Bridal.
Additionally, in addition to cosmetic bags, the Makeup Junkie brand also offers totes, backpacks, crossbody bags, and other items, as well as a small collection of cosmetics and clothing.
The firm was founded by Meredith Jurica in January 2017, and she still serves as the CEO of the company, which is located in Houston.
Prior to embarking on her entrepreneurial journey, she obtained a master’s degree in speech-language pathology from Texas Woman’s University. She has kept her personal and professional lives relatively private.
What happen to Makeup Junkie Bag at the Shark Tank Pitch?
The ladies who own them love Makeup Junkie Bags. They can be used as a makeup bag or as a clutch for a night out. The bag is spacious enough to hold makeup, a cell phone, and a few other essential items. The design and logo of Makeup Junkie Bags are copyrighted and registered. These bags come in various colors and patterns and cost around $32 each.
Makeup Junkie Bags are sold on Amazon and the company website, but MJ is also looking for wholesale clients. Meredith, who has generated $1.5 million in sales after launching the product and giving out samples, demands $200,000 for a 15% stake, valuing the company at $1,333,333.33.
Meredith wants a Shark to help her increase production from 6,000 bags per month. The Sharks make three offers. Lori offers $200,000 in exchange for a 5% stake and a $1 royalty per bag forever.
Kevin offers $200,000 in exchange for a 3% royalty plus a $1.50 fee for each bag up to $750,000. Sara offers $200,000 in exchange for a $1 royalty on each bag sold until the debt is paid.
Meredith accepts Lori’s offer, but Lori agrees to reduce the fee to 0.75% for each bag.
Makeup Junkie Bag after the Shark Tank Pitch
Lori’s agreement was left unfinished as she wanted to pursue production opportunities elsewhere, while Meredith aimed to keep her business rooted in Texas. By June 2021, Meredith’s products will be accessible in more than 2000 locations throughout the country, generating around $2 million in annual revenue.
Makeup Junkie Bag Net Worth
The Company net worth is estimated to be over $10 Million.
Makeup Junkie Bag Competitors
Unknown.
Makeup Junkie Bag FAQS
Who owns Makeup Junkie Bags?
Meredith Jurica founded Makeup Junkie Bags in her kitchen.
According to the self-proclaimed cosmetics obsessive, the idea came about when she was unable to locate a convenient makeup bag.
Her designs are resistant to wet, lay flat, and are roomy. “This one carries twenty cosmetics,” Jurica explains.
Can they wash Makeup Junkie Bags?
They’ve all soiled their bags with cosmetics, perfume, and granola bars.
With the washable inside of Makeup Junkie Bags, all they have to do is go down in there with a damp cloth and clean the bag out.
There will be no stranger crumb kingdom inhabiting their favourite item.
Where are Makeup Junkie Bags manufactured?
Makeup Junkie Bags are handcrafted in Texas and sold in over 2,000 locations worldwide. They are available in over 400 fashionable designs and seven distinct sizes.
When did cosmetics addict make an appearance on Shark Tank?
Meredith Jurica of Willis, Texas invented Makeup Junkie Bags, a collection of lay-flat cosmetic and travel bags.
In January 2019, the businesswoman proposed her million-dollar venture on Shark Tank. She approached the Tank in search of a $200,000 investment in return for 15% equity.
What should they fill their Makeup Bag with?
Here are some suggestions for items to add in their beauty bag, but they can include whatever they choose.
Makeup, Makeup Remover, Lip Gloss/Chapstick, Nail Polish, Pedicure Set, Lotion, and Sunscreen are all included.
How do they clean make up from Makeup Bag?
Clean their cosmetics bag. If they are using one of their bags, just clean it with a soapy sponge and then a rubbing alcohol towel.
Allow to dry naturally. If they are using a cotton cosmetic bag, wash it in hot water to eliminate germs.
How often should they wash their Makeup Bag?
Maintain consistency. They recommend deep cleaning any cosmetic bag or wash bag that is regularly used once a month, followed by a weekly spritz of antibacterial spray, always ensuring the interior of the beauty bag is completely dry before zipping it back up.
Can they put Makeup Bags in the washing machine?
They may either hand wash or machine wash a cotton make-up bag.
Assure that it is air dried, since the heat from a tumble dryer may cause harm.
Finally, ensuring their bag is completely dry before reintroducing their makeup; otherwise, bacteria may spread.
What are weaknesses of Makeup Junkie Bag?
During her appearance on the ABC show, Meredith claimed that she was unable to produce as many bags as she needed to sell due to the high price of manufacturing materials.
What are Makeup Junkie Bag strengths?
Affordable, stylish and fun.
How do they make money?
According to the founder of Makeup Junkie Bags, they simply manufacture and sell the bags.
Where is Makeup Junkie Bag located?
They are located in Texas.
How long have they been in business?
Makeup Junkie Bag have been on business since January 2017.
How much does Makeup Junkie Bag costs?
The bags cost around $32 each.
How can they get a Makeup Junkie Bag?
They can purchase them at their website, as well as Amazon. They can also visit the company’s Facebook, Instagram and Twitter pages.
How to contact Makeup Junkie Bag?
They can be contacted via their Facebook, Instagram and Twitter pages, where they share pictures of their products and upcoming sales.
Various contact information is also available on the site.
What is net worth of Meredith Jurica?
Unknown.
