Sisters Shaira and Mabel Frias founded Luna Magic, a makeup brand that has been making waves in the beauty industry since its launch in 2019. After an impressive appearance on Shark Tank in 2020, the company has continued to grow and thrive, solidifying its position as a leading cosmetics brand for Latina and Afro-Latina women. In this blog post, we’ll dive into the details of Luna Magic’s net worth, its founding story, Shark Tank’s journey, and the company’s continued success in the years since.
Who is Luna Magic?
Afro-Latinas founded Luna Magic, an Afro-Latina-owned cosmetics company, to address the lack of high-quality, affordable makeup options for women of color. Founded by sisters Shaira and Mabel Frias, the brand offers a wide range of products, including face masks, primers, false eyelashes, nail polish, perfumes, and hair accessories. The company’s mission is to empower and celebrate Latina and Afro-Latina women’s beauty through inclusive and culturally inspired products.
Who is the founder of Luna Magic?
The founders of Luna Magic are sisters Shaira and Mabel Frias. Mabel, the co-founder, holds a master’s degree from Parsons School of Design and a bachelor’s degree from New York University. Before launching Luna Magic, Mabel gained extensive experience in the retail industry, working for companies like Macy’s, Christie’s, and Savage X Fenty.
Her sister, Shaira, is a professional makeup artist and entrepreneur with a Bachelor of Arts degree in Broadcast Journalism and Spanish from Brooklyn College. Shaira’s background in journalism includes work for outlets like Fox News Latino and Mundo Hispanico.
How was the Shark Tank pitch for Luna Magic?
Shaira and Mabel Frias appeared on Shark Tank Season 12, Episode 10, seeking $200,000 in exchange for a 10% stake in their company, which they valued at $2 million at the time. During their pitch, the sisters highlighted Luna Magic’s impressive growth, mentioning that their products were already available in over 1,000 retail stores.
While some of the Sharks were hesitant about the beauty industry, Barbara Corcoran saw the potential in the business and offered the sisters $250,000 as a line of credit in exchange for a 30% equity stake. The Frias sisters ultimately accepted the deal, setting the stage for Luna Magic’s continued success.
| Shark | Offer | Equity | Result |
|---|---|---|---|
| Barbara Corcoran | $250,000 as a line of credit | 30% | Accepted deal |
| Mark Cuban | No offer | N/A | Out of the deal |
| Kevin O’Leary | No offer | N/A | Out of the deal |
| Alex Rodriguez | No offer | N/A | Out of the deal |
| Lori Greiner | No offer | N/A | Out of the deal |
Luna Magic Shark Tank Update:
Following their appearance on Shark Tank, the Frias sisters have continued to work with Barbara Corcoran to grow their business. While the deal with Barbara has not yet officially closed, Luna Magic has seen significant growth, with an estimated annual revenue of $1.7 million as of 2024. The company has successfully expanded its distribution, launching its products in major retail chains like Walmart, CVS, and Target, in addition to maintaining a strong online presence.
After Shark Tank, what happened to Luna Magic?
After securing the deal with Barbara Corcoran on Shark Tank, Luna Magic has continued to thrive. The company has successfully launched its products at Walmart, CVS, and Target, reaching a wider audience and furthering its mission of providing high-quality, affordable makeup for Latina and Afro-Latina women. The Frias sisters have also maintained a strong online presence, selling their products through the Luna Magic website and Amazon.
Luna Magic Net Worth:
Luna Magic’s estimated net worth in 2024 is $17 million. This impressive valuation is a testament to the company’s rapid growth and the success of its Shark Tank deal. The Frias sisters’ strategic partnership with Barbara Corcoran has played a significant role in Luna Magic’s continued expansion and profitability.
Luna Magic Growth and Operations:
Since its inception in 2019, Luna Magic has experienced impressive growth. The company’s innovative approach and potential led to its recognition as one of the 16 winners of the Glossier Grant Award in its first year alone.
The Frias sisters have maintained a debt-free business model, investing their funds and carefully managing the company’s finances. With Barbara Corcoran’s guidance and successful Walmart, CVS, and Target partnerships, Luna Magic has been able to scale its operations and distribution, solidifying its position as a leading Latina-owned beauty brand.
| Business Update | Details |
|---|---|
| Current Status | Still operational, deal with Barbara Corcoran not closed |
| Annual Revenue Estimate | $1.7 million |
| Retail Partnerships | Products available at Walmart, CVS, Target, and online platforms like Amazon |
| Product Range | Includes makeup products tailored for Latina and Afro-Latina skin tones, such as brushes, gloss, eyeshadow, face masks, primer, false eyelashes, nail polish, and more |
| Founder Backgrounds | Mabel Frias: Background in retail operations and design; Shaira Frias: Professional makeup artist and journalist |
| Company Philosophy | Affordable luxury catering to diverse skin tones; products are Bueno (quality), Bonito (beautiful packaging), Yago Barato (affordable) |
Luna Magic Marketing and Sales:
Luna Magic’s marketing strategy has been a key driver of its success. The brand’s focus on celebrating Latina and Afro-Latina beauty, combined with its affordable and high-quality products, has resonated strongly with its target audience.
The company’s social media presence, featuring influencer collaborations and user-generated content, has further amplified its message and engagement with its customer base. This effective marketing approach, coupled with the company’s strong sales performance in major retail channels, has contributed to Luna Magic’s impressive net worth.
Luna Magic’s social media presence:
Luna Magic has a strong social media presence, with a significant following on platforms like Instagram, Facebook, and Twitter. The brand’s Instagram account, in particular, boasts over 1 million followers, showcasing its vibrant and culturally inspired content. Luna Magic’s social media strategy has been instrumental in building brand awareness, fostering a loyal community, and driving sales through targeted marketing campaigns and influencer collaborations.
Luna Magic Interesting Facts:
- Shaira and Mabel Frias, sisters, founded Luna Magic in 2019 to address the dearth of affordable, high-quality makeup options for Latina and Afro-Latina women.
- The company’s name, “Luna Magic,” is a nod to the sisters’ Latina heritage, with “Luna” meaning “moon” in Spanish.
- In addition to its cosmetics line, Luna Magic also offers hair accessories and fragrance products, further expanding its product offerings.
- The brand’s product formulations, designed to flatter a wide range of skin tones and undertones, clearly demonstrate its commitment to diversity and inclusion.
What’s Next for Luna Magic?
As Luna Magic continues to grow and expand, the Frias sisters have their sights set on further increasing the brand’s reach and impact. With the support of Barbara Corcoran and the company’s successful retail partnerships, the founders are exploring opportunities to expand into new product categories and international markets.
Additionally, Luna Magic is committed to continuing its mission of empowering and celebrating the beauty of Latina and Afro-Latina women through its innovative and inclusive cosmetics offerings.
Final Words:
Luna Magic’s remarkable journey from a small, sister-founded startup to a thriving, Shark Tank-backed beauty brand is a testament to the power of entrepreneurship, innovation, and a deep understanding of one’s target market.
With an estimated net worth of $17 million, the company’s success serves as an inspiration to aspiring entrepreneurs, particularly those from underrepresented communities, who are seeking to create products and services that truly resonate with their customers.
As Luna Magic continues to grow and evolve, it is poised to become an even more dominant force in the beauty industry, leading the charge in celebrating the diverse beauty of Latina and Afro-Latina women.
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