What Happened To Luna Magic Beauty After Shark Tank?

Makeup and beauty brands have historically found it harder to get a deal on "Shark Tank" because the highly competitive and overly saturated market tends to scare the Sharks away. While all those risks naturally remained true for Luna Magic Beauty, they still managed to beat the odds and secure a deal for several noteworthy reasons. To start with, the brand's owners, sisters Shaira and Mabel Frías, carved out their own specific niche by creating a multicultural makeup brand that crafted products for Afro-Latinx skin tones. However, when the sisters spoke to Allure in 2022, they shared that they were only trying to launch a regular makeup brand when they took their affordable and high-quality products to market in 2019, but it eventually, naturally evolved into an Afro-Latinx brand. 

Still, they were initially skeptical of adopting this distinct identity because they were afraid that "every time [the media] want[s] to talk about Blackness, they look for us." Fortunately, Shaira and Mabel's fears dissipated when they noticed how young girls saw their success and realized it was within reach for them, too. In a 2023 interview with Ipsy, Shaira proudly noted that their brand had eventually become more than their products, explaining, "We're not just selling cosmetics; we're selling culture." She continued, "We're not only selling our identity as women of color, but also affirming that women of color can overcome all obstacles." While their journey undoubtedly inspired countless others, some of the obstacles they overcame actually made the Sharks swim away from a deal.

Luna Magic Beauty founders Shaira and Mabel Frías baited the Sharks with 10% of their company in exchange for $200,000. Although they had only sold $16,000 worth of products at the time, Luna Magic's total revenue had still reached $103,000 because they had a $57,000 partnership with a subscription box through which they distributed their brushes, alongside a $30,000 grant. The company's future seemed promising because they projected $1 million in sales the following year after 1,300 Walmart stores across the nation started offering their products. 

In fact, Luna Magic had an even greater chance of reaching more eyeballs during their 6-week end cap (or an end-of-the-aisle display) test at over 300 of the retail giant's locations. Although all the Sharks were impressed by how they had managed to reel Walmart in with a $30,000 marketing play, they were concerned it might be too much too soon for such an early-stage company. Additionally, Shaira and Mabel had put $250,000 of the money they saved up from their teenage years into the business, but they had $157,000 left, which wasn't enough to cover the costs of their Walmart rollout. 

Unfortunately, the growing pains of Luna Magic proved too much for the Sharks, and one by one they all dropped out. Then, just when it seemed like all hope was lost, Barbara Corcoran swooped in and offered the businesswomen $250,000 as a credit line in exchange for a 30% stake, and Shaira and Mabel gladly accepted.

Although Luna Magic Beauty proudly wears the "As Seen on Shark Tank" label on their website, it's unclear if Mabel and Shaira Frìas ever closed the deal with Barbara Corcoran. Shark Tank Blog reported that the sisters wrote a blog post in which they confirmed that they got an "offer" out of their appearance on the show but they notably didn't refer to it as a deal, as most entrepreneurs who walked away with a closed deal typically would. However, they also confusingly stated that they couldn't wait to soak up all of their investor's retail expertise. Regardless of whether or not the deal was actually closed, the beauty brand appears to be doing just fine. 

They've reportedly generated $1.7 million in sales since "Shark Tank." Luna Magic Beauty's retail expansion plans moved at lightning speed with their products finding homes in CVS, Target, and Walmart. Likewise, Luna Magic Beauty's lash primer has become a fan favorite on their Amazon storefront. Additionally, their product range introduced several exciting new additions in 2024. According to Mabel's LinkedIn, she stepped down from her co-founder role in December 2023 and created her own fragrance brand, Love Magia Inc., in 2024. Nonetheless, Shaira continued appearing at several retail store events and also posts regularly on social media.

While Luna Magic Beauty may not have one of the most successful "Shark Tank" products, they're faring just as well as other inclusive beauty brands like Range Beauty after their appearance on the show. Thankfully, they didn't get embroiled in controversy like Youthforia did after "Shark Tank."