Stryx Makeup: What Happened To The Brand After Shark Tank?
When entrepreneurs Devir Kahan and Jon Shanahan walked onto the "Shark Tank" stage, they pitched something that most wouldn't expect from two men — a makeup brand. Men aren't typically included in the market for makeup and beauty products, and this was precisely the selling point used to create Stryx, a cosmetic and skincare brand made for men. While there are many gender-inclusive beauty brands out there, Stryx is the first and only male beauty brand to appear on "Shark Tank," hoping to normalize and destigmatize the idea that men can wear makeup, too.
Stryx was founded in 2019 and saw a lot of success even before appearing on "Shark Tank." With its unique approach to makeup, the brand received impressive write-ups from outlets like Forbes, The Wall Street Journal, and The Washington Post, as well as launching its products in CVS Pharmacy stores across America. Kahan was also featured in Forbes 30 under 30 list in 2022. But one thing the entrepreneurs desired was a "Shark Tank" investor by their side, and they appeared on the show in the spring of 2022. Though they couldn't get all the sharks on board, Kahan and Shanahan were offered two very different deals to choose from.
What happened to Stryx on Shark Tank?
Devir Kahan and Jon Shanahan went into the tank seeking $600,000 for 5% equity. At the time of filming, Stryx had reached about $2 million in lifetime sales and had a pitch valuation of $12 million, which quickly impressed the sharks. The founders' main problem was losing money from marketing costs, which is why they wanted a shark on board.
Kahan explained his inspiration for Stryx — waking up with a huge zit on his wedding day. Rather than using concealer to cover it up, the zit became the star of his wedding photos. Kahan eventually realized that there was nothing wrong with wearing makeup, and he wanted to help other men feel confident enough to try makeup.
Giving each shark a sample of the brand's Concealer Pen and Energizing Eye Tool, the co-founders explained how each product is made to look natural and be applied with just your finger. The packaging is sleek and discreet, making it more approachable to the target audience. But most sharks didn't understand the vision or the discreet approach, so they were out.
Despite some negative feedback, Kevin O'Leary and Robert Herjavec believed in the brand. O'Leary offered $300,000 as a loan plus $300,000 for 2.5% equity along with a $2 royalty deal. Herjavec then offered $600,000 for 10% equity, which Kahan and Shanahan accepted. "The one thing we can't argue with is the sales. Whatever you're doing, it's working," Herjavec told them on the show.
Stryx after Shark Tank
Even when you secure a deal on "Shark Tank," it doesn't always work out. For Stryx, it appears that the deal with Robert Herjavec never closed after Devir Kahan and Jon Shanahan's appearance on the show. In a 2023 Forbes interview, co-founder Jon Shanahan stated, "[The show] told us they were not moving forward with no explanation why, even though we asked several times." Despite losing the deal, television exposure certainly boosted sales and attracted new customers. After all, there are plenty of "Shark Tank" beauty pitches that didn't get a deal and still saw success.
The Stryx team was well-prepared for a boost in sales after the episode aired. In an interview with Hashtag Paid, Stryx's head of growth, Silas Bush, explained that he was glad the team ordered more inventory in preparation for the episode's prime-time airing. The brand has also continued to grow its large social media presence, from Twitch to Twitter and TikTok.
In the months following the "Shark Tank" episode, Stryx was able to launch its products in Target stores. The company released a new product, Pimple Patches, which is an increasingly popular skincare gem in the beauty world. In 2022, Stryx also launched its very own app for Android devices. On its website, Stryx sells various kits that bundle multiple products together. The Shark Tank Kit, for instance, includes the Concealer Pen, Energizing Eye Tool, and Pimple Patches.
Is Stryx still in business?
Stryx is still in business more than a year after its "Shark Tank" episode aired. The company's Instagram boasts nearly 160,000 followers at the time of this writing and almost double that amount on TikTok. You can also find tutorials for how to use the makeup brand's products on the Stryx YouTube channel.
If you're new to using makeup to improve your confidence or know someone who might want to try it, you can still find Stryx products online and in stores. Along with the concealer and eye tool, Stryx sells Tinted Moisturizer, a Brow and Beard Gel Comb, and Bronzing Gel, among many other products. Though it appears CVS no longer carries Stryx products, they're sold at Target, Nordstrom, Urban Outfitters, Amazon, and on the company website.
Customers seem to really enjoy Stryx products and appreciate the brand's inclusivity: On Amazon, the concealer tool has an overall rating of 4.2 stars, with customers sharing how they enjoy the easy application, sleek packaging, and blemish coverage. The negative reviews are rare, but some unhappy customers claim that the concealer doesn't match their skin tone or that they didn't receive the skin coverage they were hoping for.
What's next for Stryx?
2022 was a big year for Stryx, and they've made some major changes in 2023. In May of 2023, co-founder Devir Kahan sold the brand to Foundry, a platform that acquires online brands and helps them grow. "It's bittersweet to sell a brand that you've poured your heart and soul into for many years," he says in a Foundry press release. "Still, I am proud of what we have accomplished at Stryx and excited to see it enter its next phase under Foundry's guidance."
The Foundry team hopes to develop new Stryx products in the future and expresses excitement about acquiring the brand. "Stryx is a natural fit for us. With Stryx on board, we can continue to address the personal care challenges that men face every day by providing them with the best products in the market," says co-founder of Supply Patrick Coddou. Stryx co-founder Jon Shanahan has moved on to a new role as director of brand marketing for the fitness brand TRX Training, as per his LinkedIn page. For now, we look forward to seeing new products from Stryx down the road.