Luna Magic Beauty: What Happened To The Brand After Shark Tank?
When sisters Mabel and Shaira Frias entered the "Shark Tank" set, their mission was clear. It was to infiltrate the beauty industry with unique products resonating with their heritage and community. As proud Afro-Latinas, the sisters wanted to showcase their products made for women of color, writing in the brand's LinkedIn bio, "We're inspired by the rich cultures and music of the Caribbean & Latin America, the hustle and bustle of NYC and the glamour of Los Angeles. Luna Magic is a women-led and Afro-Latina owned company." According to the sisters' statement on Luna Magic's website, "We understand that community matters, and we exist to create a safe space for people like us to feel seen and understood, con mucho amor."
While the beauty industry can be highly competitive, with new products emerging daily to capture consumers' attention, Luna Magic was made for those who often felt neglected. This unique approach led to the Frias sisters' rise in popularity before the show and had them walk away with an offer from one of the sharks. Even though plenty of companies leave "Shark Tank" with nothing more than publicity, Luna Magic is a prime example of how the show can be the turning point for success.
What happened to Luna Magic on Shark Tank?
Although Mabel and Shaira Frias already had proven success with Luna Magic Beauty, they still required help from the experts. They asked for $200,000 for 10% equity and help to organize their business before their launch in Walmart stores. Although they were gearing up for a Walmart launch, the Frias sisters needed more income to fulfill their purchase order and guidance to take their brand to the next level. With stable sales and a considerable profit, it seemed like a no-brainer for the Sharks.
Due to a conflict of interest from the others, the only viable offer came from Barbara Corcoran. The sisters later accepted her proposal for a line of credit of $250,000 and 25% equity. On top of the proposal, Corcoran agreed to help with the logistical aspect of taking the brand to a national level. Although the sisters were initially hesitant about the offer, they came out of the tank with the accepted offer and a bright future for their company. Like many other brands on the show, the deal could have fizzled after the episode.
Luna Magic after Shark Tank
After its episode of "Shark Tank," Luna Magic saw the typical increase in sales and popularity that comes with appearing on the show. While many times that boost is short-lived, their continued success has turned them into a highly profitable company. However, whether Mabel and Shaira Frias put Barbara Corcoran's deal into motion is yet to be determined. While there is no official statement of them parting ways, there's no evidence that Corcoran actually entered into an agreement with the Frias. On the brand's website, the sisters state, "Watch the full episode to see how we faced the sharks — spoiler alert: we walked away with a deal offer!" While they mention receiving an offer, there are no details on any closed deal after the show.
Since the sisters first came looking for income to help fund their purchase order, a boost in sales could've helped them get over their mark. With the funds necessary, giving up equity in their company was unnecessary, and they could retain total control of their brand. Since their episode aired, you can find the makeup products in retailers like Target, Amazon, CVS, and Walmart. After appearing on "Shark Tank," Luna Magic's net worth valuation was estimated at just under $1 million.
Is Luna Magic still in business?
With national retailers carrying Luna Magic, it's no wonder the company remains in business and seems to be doing well. As of 2023, Luna Magic's estimated net revenue is around $1.5 million. Since the company continues to grow, it's allowed Mabel and Shaira Frias to expand their product offerings. Besides their colorful eyeshadow palettes, the company now sells various beauty products. From false lashes to bronzers, there are plenty of new products to continue the company's success.
Besides their makeup offerings, Luna Magic remains in business due to its owners' expertise in developing a successful brand for women of color. They explained to Latinas in Business, "We know from industry data that the multicultural customer (especially Latinas & African-Americans) spend a sizable amount of money on makeup and beauty products, but there needs to be a better way for beauty companies to speak to this consumer base in an authentic way, and that is where our company comes in."
Both Frias sisters are routinely seen attending conferences and giving advice to buzzing new entrepreneurs looking to break ground in their industries. Via their initiative "Mentor Magic," the Frias sisters gather current and future entrepreneurs for a chance to ask business and mindset questions to further their careers. There's no doubt that Luna Magic will remain in business as long as they continue investing in their community and offering their unique perspective on beauty products.
What's next for Luna Magic?
You can't deny that the future is bright for Luna Magic. With new products being developed and accessibility to more stores, there are many reasons to consider what the company can bring. While not much is known about what Mabel and Shaira Frias have in store for the company, they continuously tease via Instagram new products coming soon. The constant development of products gives the impression that there's a long-term plan set for Luna Magic. In a July 2023 Instagram post, Shaira Frias alluded to a thriving business, writing, "I am happy to report that LUNA MAGIC is flourishing because we chose to Build An Empathetic Culture."
As leaders in an underrepresented community, the Frias have been vocal about their intent to continue giving voice and advice to their peers. With interviews in major publications, both owners are set to continue developing their brands as entrepreneurs to watch. Mabel Frias also recently announced via Instagram that Luna Magic had received capital of $25,000 that the sisters are looking to invest in the future of their company. Although its history is still young, there's much to look forward to regarding Luna Magic Beauty.