Range Beauty Shark Tank Deal Update

Breaking barriers and turning heads in the beauty industry, one brand just changed the game on national TV. Range Beauty’s appearance on Season 13 of Shark Tank was a landmark moment, not just for the brand but for the entire beauty industry. Founded by cousins Alicia Scott and Myisha Fantroy, Range Beauty became the first Black woman-owned makeup brand to secure a deal on the show, setting a new standard for inclusive entrepreneurship.

Founding Story: Necessity Sparks Innovation

Alicia Scott, founder and CEO, was motivated by her own struggles with eczema and cystic acne, as well as the lack of makeup products suitable for both her skin tone and sensitive skin. Inspired to create a solution, she launched Range Beauty to offer products that address the needs of people with similar challenges.

Scott’s cousin, Myisha Fantroy, joined as operations manager, helping to scale the company. Together, they focused on forgotten shades and overlooked skincare conditions, aiming to serve women of color who often found themselves ignored by mainstream beauty brands.

The Shark Tank Pitch: The Ask and Valuation

When Scott and Fantroy took the stage, they asked for $150,000 in exchange for 6% equity, valuing Range Beauty at $2.5 million. Their pitch was supported by strong business performance, including $330,000 in sales in 2020, a successful launch in Target stores, and a growing direct-to-consumer business.

The Deal: Strategic Value Over Equity

The pitch caught the attention of Lori Greiner and guest shark Emma Grede. Grede, a co-founder of Skims and Good American and the first Black woman guest shark, saw the value in Range Beauty’s mission and market position. After the other sharks bowed out, Greiner and Grede teamed up to offer $150,000 for 20% equity. Despite the higher equity ask, Scott and Fantroy accepted, recognizing the strategic advantages. Their decision was based on the belief that partnering with experienced investors would help Range Beauty grow beyond the initial investment.

Pros and Cons of the Deal

Pros

• Strategic Guidance: Access to two powerhouse investors with deep expertise in retail and inclusive branding.
• Media Exposure: The historic nature of the deal generated significant publicity and credibility.
• Retail Connections: Greiner’s and Grede’s networks opened doors to major retailers and new distribution opportunities.

Concerns

• Equity Dilution: Accepting 20% instead of 6% meant a significant reduction in ownership.
• High Expectations: The bar for performance and growth was set higher with two prominent sharks on board.
• Industry Competition: The beauty space is crowded and fast-moving, demanding constant innovation and marketing.

What Other Entrepreneurs Can Learn

1. Mission Matters: A clear, authentic mission resonates with both investors and consumers. Range Beauty’s focus on serving overlooked skin tones and conditions sets it apart.
2. Know Your Numbers: Solid sales data and growth metrics are crucial for building credibility and trust with investors.
3. Strategic Partnerships Are Key: Sometimes, giving up more equity for the right partners can accelerate growth far beyond what capital alone can achieve.
4. Leverage Visibility: National TV exposure, when combined with a compelling story, can drive massive spikes in sales and brand awareness.
5. Embrace the journey: Participating in Shark Tank offers valuable experience and exposure that can benefit a brand long after the show airs.

Present Day: Range Beauty’s Momentum

Since their Shark Tank appearance, Range Beauty has continued to grow. The brand was selected for the 2023 Sephora Accelerate Brand Incubator Program, launched at Sephora in late 2024, and saw a significant sales spike immediately after the episode aired. The company remains focused on direct-to-consumer sales while expanding its retail footprint and product line, staying true to its mission of serving those with reactive skin and overlooked shades.

Range Beauty’s progress highlights the impact of authenticity, strategic partnerships, and a strong commitment to inclusivity. For entrepreneurs, it shows that with the right story, solid business fundamentals, and the right partners, even the most competitive industries can be transformed.