The Lip Bar Shark Tank Update – Shark Tank Season 6
From a harsh rejection to a beauty empire: Could every Shark have gotten The Lip Bar wrong?
Melissa Butler and Roscoe Speres introduced The Lip Bar, their line of colorful, cocktail-inspired cosmetics, in Shark Tank Season 6, Episode 18.
The Lip Bar offered a line of colorful, cocktail-inspired lipsticks made from shea butter, avocado oil, and jojoba oil and featured the tagline, “Top Shelf Beauty with a Splash of Color.”
The hook was that each color was named after a cocktail, wine, or liquor, including Cosmo, Merlot, and Bourbon. The colors were bold and bright, featuring reds, purples, teals, and more.
Founded in Detroit by Melissa Butler, The Lip Bar would later become one of Shark Tank’s biggest no-deal success stories and grow into one of the leading Black-owned clean beauty brands in the United States. Will a Shark step up to the bar and invest?
About The Lip Bar
| Category | Details |
|---|---|
| Business Name | The Lip Bar |
| Founder | Melissa Butler |
| Business Partner | Roscoe Speres |
| Industry | Cosmetics |
| Product | Colorful, cocktail-inspired plant-based lipsticks |
| Funding (Pre-Shark Tank) | Indiegogo campaign and self-funded |
| Investment Asked | $125,000 for 20% equity |
| Deal Status | No Deal |
| Initial Valuation | $625,000 |
Melissa Butler founded the company in October 2013 with an unsuccessful Indiegogo campaign, raising $13,503 toward a $27,000 goal. She was looking to buy a truck and create a mobile version of The Lip Bar.
Before appearing on Shark Tank, The Lip Bar products were available on the company’s website, including a “Lipshots” page where customers could see what the colors looked like on different skin tones.
The Lip Bar Shark Tank Pitch
Melissa Butler and Roscoe Speres entered the Tank seeking $125,000 for 20% equity in their brand.
They demonstrated their plant-based makeup line and the variety of bold hues. They handed out samples and described the “bar” concept. Lori Greiner liked the feel of her sample, while Kevin O’Leary pointed out that major cosmetic companies could also sell blue lipstick.
The founders shared that their mission was about empowering women through vegan lipstick, cruelty-free makeup, and inclusive beauty products.
They generated $126,000 in sales over two years.
Melissa shared that she made the products at home. Each lipstick cost $3 to produce and sold for $20.
The founders also revealed their idea for a mobile Lip Bar, but the Sharks did not like the concept. Melissa added that the bold blue lipstick shades generated significant customer interest and helped distinguish the brand.
What Made The Lip Bar Unique?
The Lip Bar stood out in the cosmetics market through a combination of product innovation and brand identity:
- Plant-based lipsticks made with shea butter, avocado oil, and jojoba oil.
- Cocktail-inspired shades named after wines, liquors, and mixed drinks.
- Bold, colorful products designed to empower women.
- Premium pricing with strong profit margins.
- A focus on vegan, cruelty-free makeup and clean beauty.
Did The Lip Bar Get a Deal on Shark Tank?
No, The Lip Bar left Shark Tank without a deal.
Robert Herjavec disliked the branding and exited the deal.
Daymond John believed they would never create anything truly new in the beauty industry and decided he was out.
Mark Cuban liked how the colors expressed confidence but felt the branding was confusing, so he declined.
Lori Greiner said cosmetics offered excellent margins but were highly competitive, and she also chose not to invest.
Kevin O’Leary said the business lacked sufficient differentiation because larger cosmetic companies could easily produce similar products, so he decided not to invest.
As a result, Melissa Butler and Roscoe Speres left the Tank without a deal.
The Lip Bar Shark Tank Update
Even though the Sharks passed on the business, Melissa Butler continued building the company.
The Lip Bar soon became one of Shark Tank’s biggest “no-deal” success stories, with the exposure from the show significantly increasing brand awareness and introducing the beauty startup to a much larger audience.
Retail Expansion
Melissa cold-called a Target buyer, and The Lip Bar launched on Target’s website in 2016 before expanding into Target stores in February 2018. The products also became available on Amazon.
Over the following years, the brand expanded into more than 750 Target stores and over 500 Walmart locations across the United States. The products also became available at Meijer stores, further strengthening the brand’s national retail footprint.
Funding
In July 2018, Unilever’s New Voices Fund, which invested in ventures owned or managed by women of color, invested an undisclosed amount in The Lip Bar.
In October 2022, The Lip Bar raised $6.7 million in a seed funding round to help grow the brand.
Product Expansion
As the business grew, The Lip Bar expanded beyond lipsticks by introducing foundations, concealers, skincare products, mascaras, and other cosmetics while continuing to focus on vegan, cruelty-free beauty products.
Melissa Butler also expanded her beauty portfolio by launching Thread Beauty in 2021, a sister brand designed for Gen Z consumers with affordable, multi-use makeup products.
Retail Milestones
In 2019, The Lip Bar opened its flagship retail store in Downtown Detroit, giving customers a dedicated shopping experience beyond major retail chains.
CVS launched the products in approximately 3,300 stores as part of a test rollout in September 2023, bringing the company’s total retail presence to 5,800 stores.
As of July 2024, the CVS partnership had ended, but the company employed 26 women and its products remained available in Target, Meijer, Walmart, and its flagship store in Downtown Detroit.
The latest reported annual revenue (2024) was approximately $5.5 million.
Recognition
By 2024, The Lip Bar had become one of Shark Tank’s biggest success stories. The brand gained a loyal customer base and attracted celebrity supporters, including Michelle Obama, Issa Rae, and Taraji P. Henson.
To celebrate its 10th anniversary, Melissa Butler launched a behind-the-scenes documentary series on YouTube, introduced limited-edition anniversary products, and unveiled a Detroit billboard that read: “Shark Tank told me to quit. 10 years and 2 million units sold. Thanks, Mr. Wonderful.”
The celebration highlighted the company’s journey from being rejected by every Shark to becoming a multi-million-dollar beauty business.
Current Status
The Lip Bar remains in business today and has grown into a multi-million-dollar inclusive beauty brand with products sold through major retailers, its flagship store, and its official website.
The company’s continued focus on diversity, inclusivity, clean beauty, and affordable cosmetics has helped it become one of the most successful businesses ever to appear on Shark Tank despite leaving the show without a deal.
Where Could You Buy It?
The Lip Bar products are available through the company’s official website, Target, Meijer, Walmart, and its flagship retail store in Downtown Detroit.
Follow them on Instagram, Facebook, and X to get more updates on the products.
Posts About The Lip Bar on Shark Tank Blog
Check out the article on Cocktail-Inspired Lipstick for a closer look at how The Lip Bar started and what made it stand out in the beauty industry.
Quick Summary
- Melissa Butler and Roscoe Speres pitched The Lip Bar, a line of plant-based, cocktail-inspired lipsticks and sought $125,000 for 20% equity but left without a deal.
- The business became one of Shark Tank’s biggest no-deal success stories. Melissa continued growing the company through major retail partnerships and funding.
- The company expanded into additional beauty products, and the latest reported annual revenue (2024) was approximately $5.5 million.
Check out other Shark Tank Season 6 Episodes.
Curious about the other businesses featured in Shark Tank Season 6 Episode 18? Explore more updates and see which ideas made a splash in the Tank.
Looks like it’s time for another update on Lip Bar now!!! Lol
It just goes to show you how little shark tank know about different cultures and what they like, or even what younger women would like for example bold colors. Maybe shark tank need some younger sharks. I was so disappointed with Damon on this particular issue he should have been woke. SMH. Egg on all of your faces. Sometimes the comments are so ugly and made with no sensitivity to the presenters.
i totally agree with you except the woke part i feel they are a little short sighted at times and the comments mr wonderful says are totally inappropriate, be constructive be honest give great advice but insults have no room in my book.
i am so proud of those two young ladies taking the insults on the chin in round one and knocking mr wonderful out in the 2nd round!!!! way to go!!! way to go!!!!