"I'm a fashionista" — When Shark Tank's Kevin O'Leary started a brutal bidding war with Lori Greiner for Makeup Junkie Bags

Meredith Jurica appeared on Shark Tank Season 10, Episode 11, which aired on January 20, 2019. She requested $200,000 for 15% of her business, Makeup Junkie Bags, which specializes in leak-resistant, lay-flat, multi-functional bags. Impressed by the product's idea and sales, Kevin O'Leary and Lori Greiner started a bidding war, each trying to outperform the other in finalizing a deal with Meredith.

After Lori had just presented Meredith with an offer, Kevin countered, saying:

"One second, before you go anywhere, I wanna help you squeeze Lori's head a little bit because, you know, I am the king of royalties, but also something you didn't know, Meredith, I am a fashionista."

The Shark Tank investor stated that he carried his own makeup bag for television, claiming he would use one of Meredith's too. He then called Lori's royalty deal a "nasty" one, encouraging the entrepreneur to do business with him instead.

However, despite his efforts, Meredith shook hands with Lori, accepting $200,000 as a loan at a 5% interest rate for 5% equity and a $0.75 royalty per bag in perpetuity.

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"You are such a can-do person" — Shark Tank panelist Lori Greiner praises the owner of Makeup Junkie Bags

While demonstrating her product, Meredith explained that her bags were made using fabric "so beautiful," customers could use it as a clutch. She said she sewed her first bag to store her makeup products after failing to find one that would lay flat on a surface. Once the bags received positive feedback from her near and dear ones, she decided to launch her company.

Meredith stated she put one picture on social media that went viral, making her realize she solved a problem many faced. Consequently, her bags started selling, and made their way into 1200 stores nationwide. She sought a Shark Tank investor's guidance to help her understand and manage the business even better.

While the Sharks analyzed the samples, Meredith revealed she started sewing in her kitchen and made over $100,000 in sales in the first 12 weeks. After being in the business for 18 months, Meredith had approximately $1.5 million in sales. The investors applauded her for her success. She then informed them she also had a men's line called Man Junk.

"That's unbelievable," said Kevin.

The owner of Makeup Junkie Bags told the Shark Tank panelists that she had once collaborated with a manufacturer but discontinued after noticing a compromise in quality. She then bought industrial equipment with her profits and hired seamstresses, who produced over 6000 bags monthly in Houston, Texas.

When asked about her cost and retail prices, Meredith revealed the smaller ones cost $6.75, whereas the larger ones cost $7.50 to make, and added that 90% of her bags were sold wholesale. The Sharks were impressed when they discovered the bags were wholesaled for $24 and retailed for $50.

"You have great margins," Shark Tank expert Barbara Corcoran said.

Meredith, who owned 100% of her company, wanted a Shark beside her to expand production and enter major retailers. Barbara backed out of making an offer, convinced Meredith did not need a partner. Spanx owner, Sara Blakely, followed suit, encouraging the entrepreneur to keep ownership of her company.

Mark Cuban also removed himself from consideration because he could not relate to the product. Lori chimed in, saying she initially planned not to invest but changed her mind because of Meredith.

"Smart idea. I know, I know we can sell these. You are such a can-do person that I would love to have you as a partner," she said.

Consequently, she offered $200,000 as a loan at a 5% interest rate for a 5% stake and a $1 royalty per bag in perpetuity. Kevin countered, offering $200,000 for a 3% stake and a $1.50 royalty per bag until he recouped $750,000. While Lori said she would help her with manufacturing resources and design, Kevin claimed he would prioritize her business better than Lori.

Meanwhile, Sara jumped back in and offered $200,000 as a loan and a $1 royalty per bag. After much deliberation, Meredith countered Lori's offer with a lowered royalty of $0.75. The Shark Tank investor accepted her terms and shook hands with her.

However, the deal with Lori never closed. Lori wanted to take production overseas, whereas Meredith wanted to keep her operation in the States. By 2024, Makeup Junkie Bags had made its way in over 5000 stores icluding Buc-ee's. It is reported that the company now earns $2 million in yearly revenue.

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Shark Tank Season 16 airs new episodes every Friday at 8 pm ET exclusively on ABC.