Makeup Junkie Bags Net Worth 2021 – What Happened After Shark Tank?
Meredith Jurica has had quite the journey. Since starting out as an entrepreneur with her invention, the Makeup Junkie Bag, she has managed to educate herself on business and turn her novel idea into a business success.
But one thing Meredith knew at an early stage, was that she needed a Shark onboard to get things going swiftly and subsequently build a company net worth of over $10 million.
After getting the opportunity to go onto Shark Tank and pitch her idea, Meredith had to convince the right Shark to join her on the journey. Here’s how it went and how things turned out.
MAKEUP JUNKIE BAGS QUICK FACTS
Name |
Makeup Junkie Bags |
Company Net Worth: |
$10 Million – *Estimated |
Pitch: |
Makeup bag with special compartments for ladies’ accessories |
Entrepreneur: |
Meredith Jurica |
Asked for: |
$200,000 for 15% equity |
Deal: |
$200,000 (loan) for 5% equity and $0.75c royalty per unit sold |
Sharks: |
Lori Greiner |
What is the Makeup Junkie Bag?
The Makeup Junkie Bag is designed to be the only bag you’ll ever need for your makeup and various accessories. Items such as chargers, hygiene products and—of course—makeup, can be easily stored and secured within the compartments of this bag.
Not only is it convenient, but it’s stylish too. Meredith Jurica made one for herself and got tons of questions from others asking where she had gotten it from. Knowing she had a good idea, she decided to ask a Shark to partner with her.
Shark Tank Appearance – Did it Go Through?
Walking in, Meredith asked for $200,000 for a 15% stake in her business. She presented a decent pitch, and boasted off some of the styles she was planning to mass produce.
She also mentioned that the Instagram audience had embraced her product, declaring that the images had gone viral!
The Shark most interested in Meredith’s project was Lori Greiner, and the two settled on a unique deal of $200,000, which was agreed upon to be a loan. In exchange, Lori would get a 5% stake in the company, as well as a $0.75c royalty share per unit sold.
Meredith was happy to accept the offer, and the two hugged out the deal.
What Happened After the Show?
Since that Shark Tank episode, the two partners have gone from success to success.
Makeup Junkie Bags have not disclosed their net profit online, but it’s evident that the company is doing extremely well.
What’s the Business Model of Makeup Junkie Bags?
In an interesting interview with Meredith, she explains how she had to learn business before taking on the role of an entrepreneur.
Claiming to be “good at self-teaching”, Meredith explains how she had to learn the best ways of making a large profit by opting for wholesale selling rather than retail.
Cleverly, Meredith’s whole business model now rests on this important principle. She still owns a large majority of her company, and we can only assume after so much success that has since paid off the loan she took from Lori Greiner (who still owns her 5% share).
Final Thoughts
Lori Greiner seems to have been confident enough in Makeup Junkie Bags to ask for a royalty fee rather than a larger equity share. It paid off!
