Lace Your Face
Lace Your Face is a company from Los Angeles, CA, that wants to export a beauty trend from the City of Angels: beauty face masking.
"Yes, yes," you might be saying, "But what's new about this? I use beauty face masks all of the time!"
Well, unlike your traditional "sheet masks" that are the current trend and can take up to an hour to do their thing, Lace Your Face uses a stretch fabric with their syrum infused within. This new style of mask can be hooked around your ears for support and provides compression while on. Supposedly, this method is faster.
How fast? Well, so fast that you can use the mask daily, after all, claims the entrepreneur, "in Asia women mask once a day." And each of Lace Your Face's masks can be used twice... so there's some savings involved.
A single mask from Lace Your Face costs $15 at retail, while a four-pack costs $55. Each mask costs $3 to produce. The current claimed margin is around 80%. When the sharks comment on the price, the entrepreneur stated that it's currently expensive because of the volume of production and that the cost can come down as more are produced at a time. However, their sales sound pretty okay.
In 2015, Lace Your Face had $150,000 in sales, rising to $450,000 in 2016, and the company is projecting $750,000 by the end of the year in which the deal was filmed. All in all, the entrepreneur claimed $1,300,000 in lifetime sales.
Currently, Lace Your Face has about 50,000 units on hand and 1,000,000 on order to fulfill two pending orders but the entrepreneur needs more money to continue to fill orders. For instance, there has been interest from a subscription box.
Making A Deal
15% was 5% more than the entrepreneur had originally offered and represented a bite of $1,166,667 from the original value but, with Lori Greiner on the job, hopefully the entrepreneur will make up the difference quickly.