What Happened to Lipstix Remix After Shark Tank?
What is Lipstix Remix?
Lipstick Remix is a well-known company for its best-selling Lipstick Remix kit. The Lipstick Remix kit is a patented device for getting the bottom third of bullet lipsticks, or the region of product anchored into the tube, repairing cracked or melted lipsticks, and/or creating bespoke colors and textures by combining several colors and formulations.
This is accomplished by melting the lipstick and then remolding it with the use of a microwave and a home freezer. Lipstick Remix was created by Jill Quillin, a working professional and beauty lover.
Jill earned a bachelor’s degree in Speech Communications from the University of Tennessee-Knoxville in 1997. She founded two companies in 2005: Lipstick Remix and Divine Innovations, LLC.
Who is the founder of Lipstix Remix?
Lipstick Remix was founded by Jill Quillin, a working professional and beauty enthusiast. Jill, a self-proclaimed facial cosmetics lover, set out to find a way to get the most mileage out of each lipstick container.
When producing a tube of lipstick, around one-third of the cosmetic is normally necessary to secure the product inside the canister. While the vast majority of people are aware of this atrocity, there is little that can be done to stop it.
The only honest response is to moan as you throw away yet another half-empty tube.
Jill saw how horrible this was and set out to design a cosmetic kit that would allow her and the other lipstick addicts to not only get the most out of their product, but also experiment with it.
The Lipstick Remix kit allows women to recycle old lipsticks and create new shades.
Furthermore, the method allows for color mixing, helping women to get the most out of their expensive cosmetic collections.
What Happened to Lipstix Remix at Shark Tank pitch?
Jill Quillin makes her Shark Tank debut in episode 114, presenting her product, Lipstick Remix, to the Sharks for review. She wishes to enlist the services of a Shark in the marketing and distribution of her products.
Quillin entered Shark Tank and begins her pitch by seeking for $105,000 in return for a 30% stake in her firm, which worth $350,000.
She highlights the issue of wasted lipstick and introduces her one-of-a-kind technology for recovering lipstick.
She had prepared a detailed presentation, quickly bringing the Sharks through the steps and illustrating how her technology recycles old lipsticks into a single new tube in less than 10 minutes.
Barbara Corcoran calls the idea “extremely clever,” remarking that “there is nothing more exhilarating than a new lipstick.”
Kevin Harrington was curious about how Quillin was now selling her product. She explains that she hired a booth at the mall for 10 days and sold 254 pieces for just over $6,000 in total.
According to Robert Herjavec, the product will have a very limited market share if it is not heavily promoted on television. He argues that it can only be sold by a certain type of store, which he “does not have access to.” He’s out.
Quillin says she plans to use the $105,000 to create her first infomercial to raise product awareness.
Kevin O’Leary was intrigued by the concept and Quillin’s business skills, but he does not feel he has the essential knowledge of the cosmetics industry to invest. He exits with “serious misgivings.”
Quillin accepts a partial offer from Barbara Corcoran. She was willing to put up half of the $105,000 and accept 15% of the total 30% share given, but Quillin will need to persuade one of the other Sharks to join in on the deal for the remaining 50%.
Daymond John and Kevin Harrington remain after the departure of two Sharks and the inclusion of Barbara Corcoran for half of the deal.
Daymond John offers a suggestion. He will pay Quillin $105,000 in return for 40% ownership in the company.
Kevin Harrington chooses to join Corcoran in her 50/50 partnership, but he also demands 40% of the company’s stock.
John tries to get out of the deal by saying he would handle retail marketing and Harrington will handle infomercial creation.
Corcoran was unimpressed by the other Sharks’ plotting. She notifies Quillin that she was the transaction’s “trustworthy party.” She refuses to get into a three-way deal with John, alleging that she does not trust the other two.
While Quillin discusses with her husband, the three Sharks reconvene, with the two men bringing Corcoran back in with an additional 10%, bringing the total price for 50% equity shares in the firm to $105,000.
Finally, she left the presentation with a $105,000 deal from three Sharks for 50% ownership of the company.
What Happened to Lipstix Remix after Shark Tank?
The deal with the Sharks was never finalized. Despite the early success of Lipstick Remix, Quillin shared “disappointing news” on her social media networks.
The company went out of business in 2013. Jill Quillin is still the president of Divine Innovations after over sixteen years in the position.
Competitors of Lipstix Remix
Lipstick Remix’s sole competitor in the cosmetic market was The Original Lipstick Remover.
Net Worth of Lipstix Remix
During the pitch, the firm was valued at $350,000. The company went out of business in 2013, left it with a net worth of $200,000.
Lipstix Remix FAQs
What exactly is Lipstix Remix?
The Lipstix Remix kit allows you to recycle old lipsticks and create new hues by repurposing them. Furthermore, you may mix and match the hues in your lipstick collection at the same time. The system is straightforward and simple to use.
Who is the inventor?
Lipstix Remix was invented by Jill Quillin. Jill is a working professional, beauty lover, and the creator of Lipstick Remix.
How much money was sought on Shark Tank?
Quillin was seeking for $105,000 in exchange for a 30% stake in the firm.
How much did she make from the Sharks?
The three Sharks put up $105,000 for a 50% stake in the firm.
Is Lipstix Remix still in operation?
Lipstick Remix closed its doors in 2013.
Where was Lipstix Remix located?
Lipstix Remix was established in Texas.
Was Lipstix Remix a rip-off?
Because it looked to function on the broadcast, the product was most likely not a hoax. Lipstix Remix, on the other hand, did not persist long owing to a lack of marketing and financial backing.
How many different colors can be generated from a single lipstick?
Basically, the lipstick comes in five various colors: red, pink, peach, orange, and brown. However, using the Lipstix Remix kit, users may create even more unique colors by combining the main colors.
How does Lipstix Remix function?
Lipstix Remix technique employs specialized re-mixing devices capable of retrieving around 40% of the original information in a lipstick.
Who were Lipstix Remix’s target markets?
The product was primarily aimed towards ladies of all ages.
What was the suggested age for using Lipstix Remix?
The product is suitable for people aged 21 to 60.
Is Lipstix Remix backed by a money-back guarantee?
Yes, the kit comes with a 30-day money-back guarantee as well as a 2-year warranty.
What stores sell Lipstix Remix?
The product was largely offered online via Lipstix Remix’s official website; however it is no longer accessible for purchase.
What was Lipstix Remix’s return policy?
There is no information available about Lipstix Remix’s return policy.
Lipstix Remix accepted which payment methods?
Other than cash and bank transfer, Lipstix Remix did not accept any other payment options.
How long did Lipstix Remix last?
Lipstix Remix was valid for one year after purchase.
Was it safe to use Lipstix Remix?
Lipstix Remix is safe to use because it has been FDA tested and authorized.
Is Lipstix Remix available at a discount or on sale?
Yes, the firm offers discounts and promotions on its own website. However, it is unclear if these are still valid.
What happened to Jill Quillin?
Jill Quillin is the current president of Divine Innovations.