Meredith Jurica Pitches Her Patented and Trademarked Makeup Bags, Designed for Convenience and Style, on Shark Tank.
Meredith Jurica, the founder of Make Up Junkie Bags, takes to the Shark Tank stage in episode 1010, seeking $200,000 for a 15% equity stake in her business. With a unique product line that blends style and functionality, her bags have grown from a personal solution to a mass-market success. By 2024, Make Up Junkie Bags is estimated to generate about $2 million in annual revenue and is present in more than 5,000 stores, including big-name retailers like Buc-ee’s.
Net Worth of Make Up Junkie Bags
As of 2024, Make Up Junkie Bags has an estimated net worth of $1.33 million, driven by its impressive growth and retail expansion. The company is now in over 5,000 stores, including major retailers like Buc-ee’s, and is projected to generate around $2 million in annual revenue. The brand’s unique patented makeup bags, coupled with its successful diversification into the Man Junk line, have solidified its position in the fashion accessories market. With a debt-free business model and a loyal customer base, Make Up Junkie Bags has shown strong financial stability and growth potential, making its estimated valuation a reflection of both its current success and future prospects.
Key Takeaways
- Make Up Junkie Bags has seen impressive growth, expanding from 6,000 bags per month to over 5,000 retail locations by 2024.
- Meredith Jurica’s commitment to keeping manufacturing in Texas, despite Lori Greiner’s overseas proposal, has proven to be a key factor in the brand’s success.
- The bags are not just makeup organizers but versatile accessories that can double as clutches for nights out.
- The brand’s growth continues, with an annual revenue of around $2 million by 2024.
Highlights
- Pitch: Meredith Jurica pitches Make Up Junkie Bags on Shark Tank episode 1010.
- Funding Sought: $200,000 for 15% equity.
- Company Growth: Expanded to over 5,000 stores, including Buc-ee’s.
- Annual Revenue: Approximately $2 million by 2024.
Overview
| Category | Details |
|---|---|
| Name | Make Up Junkie Bags |
| Founder | Meredith Jurica |
| Industry | Fashion, Accessories, Makeup Bags |
| Product | Patented and trademarked makeup bags with waterproof interiors and a unique design |
| Funding Sought | $200,000 for 15% equity on Shark Tank |
| Investment | $200,000 |
| Equity Offered | 15% |
| Valuation | $1.33 million |
The Make Up Junkie Bag Concept
Meredith created Make Up Junkie Bags after realizing the limitations of traditional makeup bags. Many looked good but lacked a practical design, such as waterproof interiors, which are essential for keeping makeup safe and clean. In addition, many bags were too large or disorganized, making it hard to find makeup essentials. Meredith set out to create a solution that combined style with practicality.
The result: Make Up Junkie Bags feature a clever design that allows them to lie flat while maintaining an upright stance. This is thanks to a large, medial zipper that keeps the bag open, making it easy to access makeup without worrying about spills. The interior is waterproof, providing extra protection for cosmetics, while the exterior is stylish and available in a wide variety of colors and patterns.
These bags aren’t just makeup holders – they’ve also been used as clutches for nights out, thanks to their versatility and spacious interior. The average price for each bag is around $32, and they’re available on Amazon and the company website.
The Patented and Trademarked Design
One of the most compelling aspects of the Make Up Junkie Bags brand is the protection of its intellectual property. Meredith has patented the design and trademarked the logo, ensuring her bags stand out in a crowded market. The combination of practical features and stylish appeal has earned the bags a dedicated following.
Market Expansion and the Role of Sharks
While the bags are currently available on online marketplaces like Amazon, Meredith is seeking to grow her wholesale distribution. She’s looking for a Shark’s expertise to help her expand into new retail partnerships, scale the business, and boost brand recognition. The bags have already shown success in the retail market, and with the help of a Shark, the company could reach even greater heights.
Make Up Junkie Bags: A Growing Success
As of 2024, Make Up Junkie Bags has experienced impressive growth, entering more than 5,000 retail locations and generating substantial revenue. With a loyal customer base and a product designed for both functionality and fashion, the brand is poised for continued success.
Make Up Junkie Shark Tank Recap
Meredith Jurica, the founder of Make Up Junkie Bags, entered the Shark Tank stage seeking $200,000 in exchange for 15% equity in her business. During her pitch, she introduced her patented makeup bags and handed out samples to the Sharks. Meredith revealed impressive financials, including $1.5 million in sales over the past year and a half, and emphasized that her company is debt-free. Her goal was to secure a Shark partner to help scale production from her current capacity of 6,000 bags per month.
Did Make Up Junkie Get A Deal?
Three offers were made to Meredith during the pitch:
- Lori Greiner offered $200,000 as a loan for 5% equity in the business, along with a $1 royalty per bag in perpetuity.
- Kevin O’Leary offered $200,000 for 3% equity and a $1.50 royalty per bag until he was paid back $750,000.
- Sara Blakely proposed $200,000 in exchange for a $1 per bag royalty until she recouped the investment.
Meredith ultimately accepted Lori’s offer after Lori agreed to lower the royalty to 75 cents per bag instead of the original $1. However, the deal with Lori never materialized. The two parties had differing opinions on manufacturing: Lori wanted to move production overseas, while Meredith was committed to keeping operations in Texas.
Make Up Junkie Shark Tank Update
Despite the deal with Lori falling through, Make Up Junkie Bags continued to thrive. As of June 2021, Meredith successfully expanded her product line to over 2,000 stores nationwide. She also launched a new collection, “Man Junk” – a line of bags designed specifically for men, resembling a modern-day dop kit.
By July 2024, the company had expanded its retail presence to over 5,000 stores, including notable retailers like Buc-ee’s. With annual revenue nearing $2 million, Make Up Junkie Bags is experiencing substantial growth, driven by the increasing popularity of the brand.
Meredith’s persistence to keep production in Texas and her innovative approach to the market have paid off, positioning her brand as a strong competitor in the fashion accessories space.
Other Businesses Featured in the Same Episode
Conclusion
Make Up Junkie Bags has carved a niche for itself in the fashion and beauty industry with its stylish, practical, and patented makeup bags. Meredith Jurica’s dedication to quality and innovation has allowed the brand to grow and thrive, even without the initial Shark Tank deal. With an expanding product line and increased retail presence, Make Up Junkie Bags is on track for even greater success.
