Mikki Bey Eyelash Extensions
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 2, 2015
Asking For:
$300,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Mikki Bey Eyelash Extensions offers a proprietary system for applying high-quality lashes quickly, targeting a market increasingly interested in the glamorous celebrity look achieved through eyelash extensions.
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Background Story
Mikki Bey, the CEO and master lash artist, started her career as a celebrity makeup artist for stars like Missy Elliott and Jason Derulo. Inspired by the growing popularity of eyelash extensions, Mikki developed a unique and efficient application technique. Her salon in Los Angeles is known for its girly and fun atmosphere, attracting clients seeking a girl-friendly experience. With a vision to expand globally and build the Mikki Bey brand, she entered the Shark Tank seeking $300,000 for 20% equity.
The Product
Mikki Bey Eyelash Extensions utilizes a proprietary system developed by Mikki herself to apply top-quality lashes in record time. The process involves a unique technique, including the use of medical adhesive glue to attach individual lashes to the client’s natural lashes.
The extensions are seamlessly blended with the natural lashes, providing a glamorous look that reduces the need for additional makeup. Mikki’s technique aims to cut down application time, making the service efficient and convenient for clients.
The lashes can be customized to fit each client’s desired style and are suitable for both men and women. Mikki operates a retail storefront in Los Angeles, where clients can receive the service for a starting price of $200 for the initial full set.
How It Went
The company’s position before Shark Tank
Mikki Bey Eyelash Extensions has shown steady growth in revenue over the years, with $69,000 in 2012, $95,000 in 2013, and $130,000 in 2014. Currently, the year-to-date revenue stands at approximately $60,000. The company has a team of six professionals working under Mikki’s guidance, and she plans to expand her team further to accommodate growing demand.
Mikki intends to use the investment to develop her own brand of eyelash extensions, obtain a patent for her technique, and expand her business by training aestheticians in luxury destinations worldwide.
The Negotiations:
Mikki seeks $300,000 in exchange for a 20% stake in her business. While she receives interest from the Sharks, they ultimately decline to invest, citing concerns about the scalability of the business and the lack of uniqueness or proprietary elements.
Despite Mikki’s passionate pitch and dedication to her business, the Sharks are unconvinced, leading to an emotional moment where Mikki expresses her commitment to her dream but ultimately leaves the tank without a deal. Despite the setback, Mikki remains determined to pursue her passion and build her brand independently.
