Opulence MD Beauty Shark Tank Net Worth 2023
The company was initially valued at $1.5 million during its pitch, however, after investment from Kendra Scott the company’s value decreased to a mere $500,000.
This considerable drop in value highlights the financial risks associated with such investments and the importance of doing thorough research before finalizing any investments.
What is Opulence MD Beauty?
Opulence MD Beauty specializes in magnetic eyelashes that are free from toxic glue and do not have any harmful effects on the wearer’s skin or natural lashes.
The business concept was developed by Dr. Anika S. Goodwin in 2019, after she realized that using glue-on lashes was damaging her natural lashes and causing them to thin out. The brand was launched in February 2020.
Dr. Anika S. Goodwin, MD, is an impressive and brilliant doctor who earned a bachelor’s degree in pharmacy from the University of North Carolina at Chapel Hill in 1997.
She then went on to pursue her MD at the Medical University of South Carolina, graduating in 2001. Prior to launching her businesses, Anika worked as a physician for the federal government.
Who is the founder Opulence MD Beauty?
Dr. Anika Goodwin Hilderbrand, an ophthalmologist from Greensboro, North Carolina, founded a brand in 2020. She obtained a Bachelor of Science in Pharmacy from the University of North Carolina at Chapel Hill and later completed her MD from the Medical University of South Carolina. After her tenure with the federal government, she established two companies: Opulence MD Beauty and DocMcdiva, LLC.
Dr. Goodwin Hilderbrand created EYEmergencyMD soon after leaving her federal government job, and in 2017, she founded another company, DocMcdiva LLC. She launched OpulenceMD beauty in 2019.
As a trained medical doctor, she aims to change the conventional approach to women’s beauty, enabling them to maintain their health while attaining luxurious beauty.
She developed a product that integrates both aspects and strives to provide low-cost eye examination surgery to those who cannot afford it.
Her ultimate goal is to make every woman feel confident and deserving of the best eyelashes possible. Her mission is to create products that are easy to use and do not burden the consumer.
What Happened to Opulence MD Beauty at Shark Tank pitch?
In season 12 episode 20 of Shark Tank, Anika from Opulence MD Beauty was seeking a partner to assist with product assembly, distribution, and fulfillment. She wanted a Shark to invest $75,000 in return for a 5% equity stake in her company, which was valued at $1.5 million.
Anika was struggling to keep up with the demand for her product and believed that by finding a partner to help with assembly, distribution, and fulfillment, she could take her business to the next level. She felt that she was paying too many contractors and was overwhelmed with the logistics of running her business.
The Sharks were impressed with Anika’s annual sales of $685,000 and her margins of 88-90%, and several of them expressed interest in partnering with Opulence MD Beauty. Both Kevin O’Leary and Kendra Scott offered $75,000 for a 20% equity stake in the company.
Kendra Scott believed that she was the perfect partner for Opulence MD Beauty and offered $75,000 for a 20% stake. Anika countered with an offer of $75,000 for a 12% equity stake.
Kendra then increased her investment offer to $100,000 for a 20% stake, but Anika countered again with $125,000 for a 20% stake.
After some negotiation, Anika and Kendra agreed on a deal for $75,000 in exchange for a 20% equity stake in Opulence MD Beauty. With a new partner on board, Anika hopes to overcome her fulfillment challenges and take her business to the next level.
What Happened to Opulence MD Beauty after Shark Tank?
After the episode was aired, Anika exited the pitch with a deal. Unfortunately, there is no evidence that this deal was closed as of November 2021 and the company has made $1 million in sales since then.
Dr. Goodwin claimed that they have received great exposure from the Shark Tank experience and the deal with Kendra Scott was going to help them progress further.
However, it never actually closed as of November 2022, despite their initial enthusiasm for it at first. Despite this setback, they remain hopeful and optimistic that they can eventually close the deal in the future.
Competitors of Opulence MD Beauty
There are several competitors for Opulence MD Beauty. These include: Brow Magnet, Eyelash Magnets and Elegant Natural Lashes.
Net Worth of Opulence MD Beauty
The company was valued at $1.5 million during the pitch after the investment done by Kendra Scott the company valued at $500,000.
Opulence MD Beauty FAQs
What is Opulence MD Beauty?
Opulence MD Beauty is an innovative brand that created magnetic eyelashes in response to being concerned about the damaging chemicals of glue-on eyelashes she wears every day.
Who is the founder?
The founder of the brand is Dr. Anika S. Goodwin, an ophthalmologist from Greensboro, N.C.
How much was asking on Shark Tank?
Anika was asking for $75,000 for 5% stake on her company.
Did she have the deal?
Yes, she got the deal from Kendra Scott.
How much was the deal?
Kendra Scott offered $100,000 for 20% ownership of the company.
Is Opulence MD Beauty till in business?
Yes, the company is still in business.
What happened to Opulence MD Beauty after Shark Tank?
After the episode aired, Anika exited the pitch with a deal. There is no evidence that this deal was closed as of November 2021.
What does Opulence MD Beauty do?
Opulence MD Beauty creates eyelashes that are both natural looking and comfortable to wear without any harmful chemicals or toxins in their formula.
They also use the best raw materials available like the highest quality material on earth, silk fibers, which are coated with a patented grade of bio ceramic powder that helps to increase lash thickness and growth without damaging the lash fiber.
What is the website for Opulence MD Beauty?
The website for the company can be found at www.opulencemdbeauty.com.
How long will my magnetic eye liner last?
To ensure the protection of their eyes, all liners have an open shelf life of 3-4 months. The shelf life of an unopened product is around 6 months. We do not use extra items to increase the life of the liner since they are hazardous to the eyes and skin.
Who should use Opulence MD Beauty?
Anyone looking for fluttery, stunning lashes in less time and at a lower cost per use than glue and adhesive alternatives.
Is Opulence MD Beauty safe near eyes?
Our lashes are equipped with microscopic magnets of ordinary strength that pose no risk to human eyes or eyelid skin.
How long should Opulence MD Beauty last?
Their lashes are constructed of high-quality materials and are designed to be worn up to 45 times with appropriate washing and storing. In comparison, adhesive lashes may only be worn 2-5 times.
Where do Opulence MD Beauty ship?
We ship both domestically and abroad. Shipping to the United States is free. International shipping prices are computed at the time of purchase.
Shipping expenses are non-refundable after users make a purchase. In the event of a refund, neither the original nor the return shipping expenses will be returned.
What is the duration of shipping Opulence MD Beauty?
Please wait 7-14 business days (excluding weekends and holidays) for them to complete the purchase due to the large amount of orders received during and after our Shark Tank appearance.
Because of the safety and sanitary procedures in place, all of their items are handled with care.
What are the competitors of Opulence MD Beauty?
They have several competitors including: Brow Magnet, Eyelash Magnets and Elegant Natural Lashes
What are the annual sales of Opulence MD Beauty?
The company has made at least $685,000 in sales since the show aired and as of November the company had annual revenue of $1 million.
What is the net worth of Dr. Anika S. Goodwin?
The net worth of Dr. Anika S. Goodwin is unknown.