The Shark Tank premiered episode 114, where Jill Quillin demonstrated her Lipstick Remix product to the sharks for consideration.
The average woman is aware that almost a third of lipstick is used to hold makeup in place and that this is a waste of product.
The Lipstick Remix kit allows women to reclaim lipstick that has been wasted and create new colors and textures from the old lipsticks.
This technology also allows ladies to mix colors, allowing them to make more use of their very expensive makeup collections.
Will the Sharks take a bite out of you?
What Is Lipstix Remix?
LipStix ReMix is a firm best recognized for its best-selling LipStix ReMix kit.
This LipStix ReMix kit comes with a patented system that allows you to take the bottom third of bullet lipstick tubes or the portion anchored to the tube, repair or melt broken lipsticks, and mix colors and formulations to create custom shades and textures.
This is performed by using a microwave and a home freezer to melt and then remold the lipstick.
|Company Name||LipStix ReMiX|
|Product||Repair or reuse broken or melted lipsticks|
|Investment Asking For||$105,000 for 30% equity in Lipstix Remix|
|Final Deal||$105,000 for 50% equity in Lipstix Remix|
|Shark||Kevin Harrington, Barbara Corcoran, And Daymond John|
|Episode||Season 1 Episode 13|
|Business Status||Out Of Business|
Who Is The Founder Of Lipstix Remix?
The founder of LipStix ReMiX is Jill Quillin, a working professional and beauty enthusiast. She earned her bachelor’s degree in Speech Communications in 1997 at the University of Tennessee-Knoxville.
LipStix ReMix and Divine Innovations, LLC, which she has led since 2005, were created by her. Divine Innovations remains her company, as she served as president for almost 16 years.
Lipstix Remix Before Shark Tank
Jill Quillin created Lipstix Remix. Jill is a self-proclaimed facial cosmetics enthusiast who tries to maximize the use of every lipstick she purchases.
Typically, up to one-third of the lipstick inside a lipstick tube keeps the product in the tube.
The overwhelming majority of people know this outrage, but not much can be done about it.
The only genuine answer is to groan as you discard yet another half-empty tube.
She realized how bad this was and decided to make a cosmetic kit that would allow the other lipstick fiends to enhance their experience and experiment with it.
When Jill first launched the Lipstix Remix firm, she began manufacturing the kits herself.
The goal originally was to work from home to be able to spend more time with her family. However, she has encountered several obstacles.
She has difficulty obtaining enough advertising as most of her product is marketed to women, so educating her target audience is difficult.
Thus, she appears on ABC’s Shark Tank to secure a marketing and financing arrangement that will help her business get traction.
How Was The Shark Tank Pitch Of Lipstix Remix?
Quillin appeared on Shark Tank requesting an investment of $105,000 for 30% equity in her LipStix Remix.
She demonstrates the innovative kit she designed to salvage discarded lipsticks when she speaks about wasted lipstick.
She shows the Sharks the process of recycling lipstick in less than ten minutes, going through each step quickly and demonstrating her equipment’s ability to make a brand new tube by recycling old lipsticks.
She considers the concept “ingenious” because not only are the reasons you mention but also “a new lipstick is a thrilling experience.”
Kevin Harrington is particularly interested in how Quillin currently markets and sells her products.
She says she sold 254 items at the mall for ten days, which netted her more than $6,000 in revenue.
Robert Herjavec believes that the product has a very limited market presence due to its lack of intensive television marketing.
He claims he does not have access to it because it can only be purchased from a specific type of retailer. Hence, he is out.
Quillin says she plans on using the $105,000 to produce a television infomercial to raise awareness of the product.
O’Leary believes he does not possess sufficient knowledge of the makeup industry, despite Quillin’s business instincts and the concept’s intrigue. O’Leary is on his way out.
Quillin accepts a partial agreement from Barbara Corcoran. If she wants to secure the other half of the investment, she will have to convince one of the remaining Sharks to invest with her.
Currently, she is willing to put up half of the $105,000 and agree to take 15 percent of the total 30 percent share provided.
Kevin Harrington and Daymond John remain on the roster despite the departure of two Sharks and the addition of Corcoran to the deal.
Daymond John makes a proposition. He will provide Quillin $105,000 in exchange for a 40 percent stake in the company.
Kevin Harrington chooses to join Corcoran in her 50/50 bargain, but he also wants a 40 percent share of the profits.
When Corcoran refuses to cooperate, John attempts to cut him out of the contract by claiming that he would manage retail marketing and Harrington will handle the design of the infomercial.
When it comes to the other Sharks’ machinations, Corcoran is unimpressed. She assures Quillin that she is the “reliable party” in the transaction.
She refuses to get into a three-way agreement with John, claiming she does not have faith in the other two.
In the meantime, Quillin consults with her husband. The three Sharks join together, with the two men pulling Corcoran back in by asking for an additional 10 percent of the company, increasing the total deal to $105,000, a 50 percent stake in the business.
Quillin agrees to the terms of the agreement.
Final Deal: Barbara Corcoran, Kevin Harrington, and Daymond John agreed to invest $105,000 For a 50% stake in Lipstix Remix.
What Happened To Lipstix Remix After Shark Tank?
After appearing on Shark Tank, Jill Quillin was able to achieve some success by creating Lipstix Remix with the help of the Sharks.
They performed admirably for a while, and sales increased. The manufacturer had to discontinue the lipstick kits due to an incident in 2013.
It was announced that she would no longer be selling kits on her different social media platforms, but she expressed appreciation for all her support.
Lipstix Remix Shark Tank Update
The transaction between Lipstix and the Sharks was never completed.
In 2013, Quillin wrote on her social media profiles that she had to make a tough decision regarding Lipstick Remix, despite being a successful business. Thanks for all your help, Quillin.
This lipstick-recycling housewife may have retired from fishing after hooked three sharks on Shark Tank.
Is Lipstix Remix Still In Business?
LipStix ReMix’s CEO Jill retired from the brand in 2011, and according to remarks posted on the brand’s social media sites, they discontinued sales of their line of kits in the first quarter of this year.
However, Jill or any other company rep did not provide a clear explanation of why LipStix ReMix had to close its doors, except to express its gratitude to its consumers and followers for their continued support.
Patent ownership remains with Jill for the concepts that originally went into the kits, and while similar products are available on the market, none are quite as comprehensive as hers.
She also has an advantage if she chooses to resume selling LipStix ReMix in the future.
There is a possibility that she will discontinue the kits at some point, but it is more likely that a competitor will emerge with a similar product designed differently.