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…
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