Hair colour is a huge industry, with people spending billions each year to cover greys, try new shades, or just enhance their natural colour. With so many hair colour products on the market, it’s no surprise that entrepreneurs have gone on Shark Tank seeking investments to grow their hair colour companies. Over the years, the sharks have seen pitches from a range of hair colour brands offering unique formulas, applicators, or business models.
In this article, we’ll take a look at some of the most memorable hair colour companies that have entered the tank, what made their pitch stand out, whether they landed a deal, and where these businesses are today. Understanding the journeys of these entrepreneurial founders can provide valuable insights for anyone looking to launch and grow a successful hair colour brand.
Noteworthy Hair Colour Companies on Shark Tank
Let’s start by highlighting some of the most prominent hair colour brands that have sought investments on Shark Tank over the years:
Crooked Q
Crooked Q entered the tank in Season 11 offering a unique root touch-up product. It used an aerosol can format that allowed for quick and easy applications between salon visits. The company pitched its portable, mess-free qualities as a solution for busy women on the go. The founder secured a deal with Mark Cuban.
Salon Perfect
During Season 5, husband-wife team Alicia and Mike Hill presented Salon Perfect, a hair colour mist formula offered in a range of shades. It was designed as a quick cosmetic cover-up to conceal roots between dye jobs or hide grey hairs. All the sharks passed on investing due to concerns about competing against major brands like L’Oreal.
COLORSplash Hair Coloring System
This hair colour kit pitched in Season 4 offered a unique selling point – the ability to create ombre hair colouring effects at home. The system included highlights you could place selectively on the hair before brushing the colour evenly through. A lack of sales and the intricate process led all sharks to decline investing.
Luminancer
As seen in Season 11, Luminancer offered an innovative root concealer formula utilizing fibre technology. When applied to greys and roots, it created perfect color matches to hair pigments for seamless coverage between salon visits. The founder accepted a deal from Mark Cuban.
Simple Sugars
While not exclusively a hair colour brand, Simple Sugars in Season 4 featured a line of chemical-free hair dyes made using natural ingredients like essential oils. The founder turned down shark offers due to an already overwhelmed business, but found TV success boosting sales.
Case Study: Luminancer
To take a closer look at one hair colour brand’s journey through Shark Tank, let’s focus on Luminancer. This breakthrough root concealer made quite an impression when it first aired in an October 2020 episode.
The Pitch
Luminancer founder Cayla Motley came into the tank seeking $500,000 for 10% equity in her business. She wowed the sharks with a demonstration of her instantly effective formula that uses light reflecting particles to seamlessly conceal greys and roots on even the darkest hair colours. It provided flawless, natural looking coverage that solved a major pain point around root upkeep.
| Key Details | Summary |
|---|---|
| Company | Luminancer |
| Founder | Cayla Motley |
| Ask | $500k for 10% equity |
| Product | Instant root concealer using innovative fibre technology |
Shark Reactions
The sharks were blown away by the Luminancer product demonstration. Mark Cuban immediately compared it to “magic” and was intrigued by Cayla’s science background. Kevin O’Leary offered the $500k investment Cayla sought. But it was Mark who made the biggest offer – $500k for 5% equity.
Robert Herjavec loved the product but didn’t invest because it was outside his area of expertise. Daymond John was impressed but admitted the beauty space wasn’t his specialty. Lori Greiner also declined to invest despite loving Luminancer.
The Deal
In the end, Cayla agreed to a deal with Mark Cuban for $500k in exchange for 5% equity in Luminancer. She felt Mark’s business resources and connections made him the ideal shark partner.
| Investor | Deal |
|---|---|
| Mark Cuban | $500k for 5% equity |
Post Shark Tank Success
Appearing on Shark Tank catapulted Luminancer into the spotlight. Sales skyrocketed over 5,000% after the episode aired. Mark Cuban’s investment enabled Cayla to scale manufacturing operations to meet demand. She also expanded the line to include more shades and applicator options.
Luminancer is now sold in over 1,800 retail locations including Sephora, Ulta, and Nordstrom. The company has expanded into new beauty categories like brow gels for fuller looking eyebrows. Revenues continue to grow each year, making Luminancer one of the biggest Shark Tank hair colour success stories.
Insights for Entrepreneurs
For entrepreneurs looking to launch and scale a successful hair colour business, some key insights can be gained from examining the journeys of brands like Luminancer on Shark Tank:
Solve a Real Problem
Hair colour products that address true pain points or inconveniences tend to gain more traction. Luminancer made root touch-ups easy, eliminating mess and guesswork. Simple Sugars offered natural dye alternatives. Identify an overlooked but frequently encountered beauty issue.
Offer Innovative Solutions
Unique formulas, applicators, or business models will make your concept stand out. Luminancer relied on novel fibre technology. COLORSplash allowed ombre colouring at home. Consider what new approaches you can bring to the table.
Pitch Benefits Over Features
While how your products work matters, the biggest hook is how they make people’s lives easier. Crooked Q and Salon Perfect focused on quick fixes between salon visits. Emphasize the real world value you provide customers.
Prove Market Potential
Scale is always top of mind for investors. Showing steadily growing sales and distribution footprint gives confidence. Simple Sugars and Luminancer both had proof their products were resonating. Validate demand before seeking sizable investments.
Secure the Right Investor
Just as important as the deal terms is choosing a shark that can truly add value. Luminancer benefited from Mark Cuban’s industry connections. Be strategic in terms of which investor you partner with.
The Future of Hair Colour
While many memorable hair colour brands have appeared on Shark Tank to date, this space continues to innovate. Some trends to watch:
Virtual Try-Ons
Apps that use AR and AI to allow virtual hair colour trial runs will grow. Consumers can preview shades on their own photos before committing. Sally Beauty offers this via their mobile app.
Personalized Formulas
Custom hair colour blends based on individual hair textures, tones, and desired effects will expand. Brands like eSalon already offer personalized dye kits.
Gray Transitioning
More products will emerge to help gently blend away gray hairs rather than completely cover them up. This creates soft, natural looks. L’Oreal has seen success with its Colorista product line supporting gray blending.
Root Touch-Up Advancements
Luminancer brought innovation to concealing roots between salon visits. Expect more breakthroughs in this persistent pain point, like longer-lasting formulations.
Increased Accessibility
Beyond the diversity seen in hair colour itself, entrepreneurs will focus on making the category more inclusive. For example, creating accessible at-home dye options for those with disabilities.
Conclusion
Hair colour continues to be a highly dynamic segment within the broader beauty industry. For entrepreneurs with unique ideas, Shark Tank provides an unparalleled platform to secure investments and gain national exposure. While not all pitches result in deals, the visibility alone can rocket a brand towards success. Those able to solve real consumer problems with cutting-edge products tend to attract shark attention andunlock growth after airing. With new innovations on the horizon, it will be exciting to see what hair colour companies cross the tank in future episodes.