Friday, April 12, 2024

Luna Magic After Shark Tank – 2024 Update

Luna Magic Before Shark Tank

Luna Magic is an Afro-Latina-owned company that manufactures cosmetic products that are high-quality, yet still affordable. Luna Magic’s cosmetic line carries many products, including face masks, primer, false eyelashes, nail polish, perfumes, and even hair accessories like hair clips. Not only are their products affordable, but the founders have created them in such a way that they will work for everyone, regardless of their skin tone. The founders based their company on the three B concepts to ensure that they provide the highest-quality cosmetics and beauty items. The first B is Bueno, which ensures that the products are of great quality. The second B is Bonito, which is regarding their clean, beautiful packaging. And the third B is for Yago Barato. This means that the brand is affordable for its customers. Luna Magic’s cosmetics can be found on the company website.

Luna Magic was launched in July of 2019 by sister entrepreneurs, Mabel Frias and Shaira Frias. Mabel went to college at the Parsons School of Design to study the history of decorative arts and design. Here, she received her master’s degree before going to New York University to get her bachelor’s degree in history. Before the sisters created Luna Magic, Mabel already had a lot of experience in the world of retail. In 2008, she got a job working as an assistant buyer for Macy’s, and in 2011, she became a gallery assistant for a company called Christie’s. In 2012, Mabel got her first job in management, retail operations, and customer service for a year while she was working with Tusk, Ltd. She then moved on to positions at companies like One Kings Lane, Violet Grey, and Nordstrom. Mabel even had the chance to work in e-commerce for the Savage X Fenty: Lingerie by Rihanna line in November of 2019. This was where she was working while she was launching Luna Magic, though she did quit that position in January 2021. Luna Magic 3

The co-founder of Luna Magic and sister of Mabel, Shaira Frias, is a graduate of Brooklyn College, where she studied for her Bachelor of Arts degree in Broadcast Journalism and Spanish. She also attended the Academy of Freelance Makeup School, from which she is also a graduate. Now, Shaira is a professional makeup artist and an entrepreneur; it seems she has put her days of journalism behind her. Nonetheless, her time as a journalist was quite impressive. She was named a beneficiary of the Ford Oval Journalism Fellowship by the National Association of Hispanic Journalists. Additionally, some of Shaira’s work has appeared on Fox News Latino, NY1, and Mundo Hispanico.

The Frias sisters created Luna Magic out of their own passion for cosmetics and beauty products. While the brand focuses on providing products that encourage diversity, the concept for the company came to light after the sisters realized how much African American and Latina women have to spend on beauty products. On average, about $35 billion is spent on those products alone each year, hence why Mabel and Shaira wanted to create a more affordable brand. Just a year after it was launched, Luna Magic was named one of the 16 winners of the Glossier Grant Award. Given that, it’s clear that the Frias sisters have done well with their business.

Luna Magic on Shark Tank

Mabel Frias and her co-founder and sister, Shaira Frias, entered the Shark Tank stage during season 12, episode 10, with their Luna Magic cosmetics and beauty products. The founders are hoping to get funded for $200,000 in exchange for a 10% stake in Luna Magic, a $2 million company. The sisters begin pitching their brand to the sharks. Once they mention that their products have already reached more than 1,000 retail stores, the sharks are shocked. Luna Magic is also in communications with Walmart as well. After hearing how well expanding Luna Magic is going for the entrepreneurs, Barbara Corcoran is curious about their sales numbers. Luna Magic 1

Mabel and Shaira each invested their own money into their businesses. Together, they invested $250,000. They have avoided accruing any debts with Luna Magic, and they state that they still have $157,000 saved up. At the time, the founders claimed they had done $16,000 in sales leading up to the Shark Tank episode. However, reports state that Luna Magic really made $103,000 in sales. This amount is their total from all grants, subscriptions, and sales combined. $57,000 came from subscriptions, $16,000 came from sales, and the last $30,000 came from grants. Mabel and Shaira predict that they will make $1.1 million from sales by the next year.

The first shark to go out was Mark Cuban. While Luna Magic is a great business, he thinks it’s going to take a lot of work to help it grow. Mr. Wonderful, Kevin O’Leary, backs out shortly after, explaining that while he’s impressed with the concept of the business, he agrees with Mark. The guest shark, Alex Rodriguez, tells Mabel and Shaira that he has no interest in investing in the beauty industry; therefore, he backs out as well. This leaves Lori Greiner as the final shark to announce her departure from the deal. She says that she is impressed by Luna Magic and its founders; however, she cannot invest in them due to having already invested in another business in the industry. Although the majority of the sharks dropped out, Mabel and Shaira did receive one offer from Barbara for $250,000 in exchange for a 30% stake. The Frias sisters accepted her offer.

Luna Magic Now in 2024 – The After Shark Tank Update

Luna Magic successfully secured funding from Barbara Corcoran during the Frias sisters’ appearance on Shark Tank. Since then, it has been said that Mabel and Shaira’s deal with Barbara has not closed yet. As for the state of the business, it seems to be doing well. In fact, the founders shared that all the Luna Magic products had been sold out within just a matter of weeks following the Shark Tank episode. Unfortunately, there is no evidence of Luna Magic’s sales data at this time, but the products can still be found on Amazon, as well as on the Luna Magic website and at Walmart. As of 2024, it appears that Mabel and Shaira are primarily focused on expanding their business and distributing their products to a greater number of stores across the United States. Luna Magic 2

Melissa Buechler
Melissa Buechler
Graduated from Washington Virtual Academies and have been a freelance writer for about 2 years now. In my spare time, I enjoy spending time with my pets, gaming, etc.
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