OpulenceMD Beauty Magnetic Lashes
DEAL
EPISODE SUMMARY
🕓 Air Date: April 9, 2021
Asking For:
$75,000 for 5%
Investor:
Kendra Scott
Deal:
$100,000 for 20%
PRODUCT SUMMARY
OpulenceMD Beauty offers lightweight and comfortable magnetic eyelash extensions that are easy to apply and made of cruelty-free mink, providing women with a convenient and safe alternative to traditional lash extensions.
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Background Story
Anika Goodwin Hilderbrand, the founder of OpulenceMD Beauty, is an eye surgeon and ophthalmologist with a specialty in eyelid procedures. Her background in eye health and aesthetics inspired her to create a line of luxury eyelash extension products that address the common issues with traditional lash extensions.
After experiencing the drawbacks of traditional extensions, including the use of harmful chemicals and difficulty in application, Anika decided to find a better solution. Her journey to regain confidence after facing personal challenges, including the loss of her parents and marriage, played a significant role in her determination to help women feel more confident through her products.
The Product
OpulenceMD Beauty offers a unique eyelash extension system that includes a magnetic liner and lashes made of mink. The magnetic liner is applied first, containing tiny iron oxide particles, and the lashes adhere to it through magnetic attraction. This innovative approach eliminates the need for traditional lash glue, which often contains harmful chemicals like formaldehyde.
The benefits of OpulenceMD Beauty lashes are their lightweight and comfortable feel, natural appearance, and easy application. Users can enjoy up to 40 uses from a single set, making them a cost-effective alternative to traditional extensions. They are suitable for daily wear, exercise, and napping.
OpulenceMD Beauty products are available for purchase online, with a set, like the one presented on Shark Tank, priced at $245. The company’s dedication to quality and Anika’s background as an eye surgeon lend credibility to the brand, making it an appealing choice for individuals seeking healthier and more comfortable eyelash extensions.
How It Went
The company’s position before Shark Tank
OpulenceMD Beauty, launched in February of the year of the Shark Tank episode, has experienced rapid growth with sales totaling $685,000 within a short timeframe. The company’s profit margins are impressively high, ranging from 88% to 95%. The primary challenge Anika faces is fulfillment due to the rapid expansion of her business.
The company’s business model relies on online sales and paid advertising, with a focus on educating and building a community of customers who value eye health and confidence. A portion of the proceeds from sales goes toward helping individuals who cannot afford eye screening exams, showcasing the company’s commitment to giving back.
OpulenceMD Beauty currently lacks a patent but has differentiated itself by offering eyelash extensions that are noticeably lighter and more comfortable. Anika seeks $75,000 in funding from the Sharks to address her fulfillment challenges and access their expertise in the supply chain. The company’s unique selling point lies in Anika’s expertise as an eye surgeon and her commitment to quality and customer education.
The Negotiations:
Anika entered the Shark Tank seeking $75,000 in exchange for 5% equity in her company, OpulenceMD Beauty. Her pitch garnered interest from multiple Sharks, with Kendra Scott and Kevin O’Leary both making offers.
Kevin O’Leary, who shared his experience wearing eyeliner, offered $75,000 for a 20% stake in the company. Kendra Scott, impressed by Anika’s expertise and the importance of eye health, matched Kevin’s offer at $75,000 for 20%. Anika countered, proposing $75,000 for 12%, but eventually, Kendra Scott’s counteroffer of $100,000 for 20% was accepted.
Anika’s decision to partner with Kendra Scott, a successful entrepreneur with a strong brand presence, will likely provide her with valuable guidance and resources to address her fulfillment challenges and expand her business further. The deal showcases the potential for OpulenceMD Beauty to grow and make a positive impact on the eyelash extension market.
