Women of color frequently encounter difficulties in the beauty business finding cosmetics that complement their skin tones and target particular skin issues. This is the reason Range Beauty’s founders Myisha Fantroy and Alicia Scott started the company.
They aimed to raise awareness of neglected skincare concerns and forgotten tones that impact women of color. Myisha and Alicia offered their answer to this issue on Shark Tank Season 13. They sell skincare and makeup items under their Range Beauty brand for people with sensitive skin types and darker skin tones.
They went on the show with the hopes of closing the deal that would expand their clientele and allow them to serve even more people in need of these things. Will the entrepreneur get a deal on Shark Tank? Check out our Range Beauty update to find out!
Range Beauty Net Worth 2024
Myisha Fantroy and Alicia Scott asked for a $150k investment in exchange for 6% equity in their company. This meant they valued their company at $2.5 million. They made a deal with Lori Greiner and Emma Grede for $150k in exchange for 20% of their company.
This new deal valued their company at $750,000. After the show aired, Range Beauty saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Range Beauty in 2024 is about $1.11 million.
Range Beauty Shark Tank Update
In terms of a Range Beauty update, Following their Shark Tank participation, Range Beauty saw enormous growth. Their goods received more attention as a result of the show’s publicity. particularly from those who were looking for inclusive makeup solutions. As of 2024, Range Beauty is still operating and selling skincare and beauty products straight from their website.
Additionally, the business wants to increase its retail presence. A significant achievement for Range Beauty following Shark Tank was getting accepted into Sephora’s 2023 Accelerate Brand Incubator Program. This project seeks to support the expansion of inclusive and diverse beauty brands by giving them access to tools, possibilities for retail distribution, and mentorship.
On Shark Tank, Range Beauty did, in fact, land a contract. Myisha and Alicia entered the Tank requesting $150,000 for 6% ownership of their business. Lori Greiner and Emma Grede decided to work together and make an offer of $150,000 for 20% stock to the Sharks after they had a discussion about their business.
Alicia and Myisha made an effort to negotiate over the equity split but in the end, they took the deal. This was a significant victory for Range Beauty because, in addition to receiving the funding they required, they also acquired two influential partners with a strong presence in the beauty business i.e Lori and Emma.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Emma Grede (Guest Shark) | $150,000 for 20% equity | #1 $150,000 for 10% equity #2 $200,000 for 20% equity | Yes |
| Lori Greiner | $150,000 for 20% equity | #1 $150,000 for 10% equity #2 $200,000 for 20% equity | yes |
| Kevin O’Leary | Out | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Range Beauty Shark Tank pitch
In our Range Beauty update research, One of Range Beauty’s co-founders, Alicia Scott, was motivated to start the company after becoming dissatisfied with the small selection of makeup products that did not suit her skin tone for many years. She saw that a lot of big cosmetic brands didn’t carry products that addressed common skin problems encountered by women of color or hues that matched darker skin tones.
As a result, Alicia began experimenting with making inclusive makeup products for those with sensitive skin, including those suffering from eczema. Alicia’s business partner Myisha Fantroy accompanied her on this journey. Together, they sought to close a market gap by providing people of color with high-quality, reasonably priced beauty products. But launching a company in the cutthroat beauty wasn’t easy.
Myisha and Alicia were sure that their product could transform the beauty sector when they entered the Shark Tank. They portrayed Range Beauty as an inclusive skincare and makeup business that catered to those with sensitive skin types and darker skin tones. The True Intentions Hydrating Foundation their main product is available in 21 shades, addressing skin tones that are sometimes disregarded by bigger cosmetic manufacturers.
Myisha and Alicia requested $150,000 from the Sharks in exchange for a 6% stake in their company. They described their business strategy which includes selling goods to customers directly via their website and a few pop-up stores. Additionally, they revealed that Range Beauty generated $330,000 in revenue in 2020 and successfully landed their products at Target stores. where they routinely sold out.
In regard to a Range Beauty update, The Sharks questioned Myisha and Alicia on a number of issues, as has been common with all Shark Tank pitches. They were interested in learning more about Range Beauty’s distinctive product characteristics and its strategy for competing in the congested beauty market. The company’s growth plan and sales figures piqued the curiosity of the Sharks.
They questioned Range Beauty’s plans for growing its retail footprint and scaling up operations. The fact that Range Beauty was filling a need that many bigger beauty businesses had ignored was one of the main things that caught the Sharks’ attention. Myisha and Alicia clarified that in addition to individuals of color, their products were also made for those with sensitive skin or skin disorders like eczema, which made them even more unique.
The Sharks’ opinions of the pitch were divided. Mark Cuban was the first to withdraw claiming a lack of product knowledge as the reason he didn’t feel comfortable making an investment in the cosmetics industry. Barbara Corcoran agreed stating that although she respected the founder’s enthusiasm she couldn’t see how she could improve their company. Kevin O’Leary declined the sale as well.
despite being pleased with the company’s accomplishments. This left Lori Greiner and guest Shark Emma Grede, who chose to work together after realizing Range Beauty’s potential. Myisha and Alicia were offered $150,000 in exchange for 20% stock. Following some negotiating the founders agreed to the terms and gained two strong allies who would support them as they expanded their company.
What Went Wrong With Range Beauty On Shark Tank?
Even though Myisha and Alicia were able to close a deal, not every Shark agreed to pay for Range Beauty. Kevin O’Leary, Barbara Corcoran, and Mark Cuban all turned down the chance. Their primary barrier to investing was their belief that their lack of experience in the cosmetics industry would prevent them from having a significant impact on the company.
Furthermore, a few Sharks believed that the business was still in its infancy and required more time to show its potential for sustained expansion. But in spite of these refusals, Myisha and Alicia managed to get an agreement with the sharks who believed in them.
Product Availability
Range Beauty caters to those with sensitive skin and darker skin tones with an assortment of skincare and makeup goods. The True Intentions Hydrating Foundation, which is available in 21 colors and is made with skin-loving elements that help calm and protect the skin is one of their best-selling products.
The brand’s products are an excellent choice for those with skin disorders like eczema because they are made without dangerous ingredients and are soft enough for sensitive skin.
Direct purchases of Range Beauty goods can be made on the business website. While they do often host retail pop-ups, online sales account for the majority of their revenue. The company sells a variety of goods at reasonable costs, such as primers, foundations, and skincare products
Conclusion
Range Beauty has thrived since appearing on the show, attracting new clients and growing their product line. They have been chosen for esteemed programs like Sephora’s Accelerate Brand Incubator Program and have received recognition for their efforts to promote inclusivity in the beauty industry.
In the future, Range Beauty will likely grow and establish itself as a top brand in the beauty sector, particularly for those with sensitive and darker skin tones.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
