Kevin O’Leary Angry During A Shark Tank Pitch
Highlights
- Kevin O’Leary’s bold faceoffs with pitchers on Shark Tank are always a topic of debate amongst viewers.
- In 2015, the Shark investor called Melissa Butler and Roscoe Speres colorful cockroaches who should close their lipstick business.
- The Lip Bar is now a dominant market player with a $5.5 million annual revenue.
Through his sixteen years of journey on Shark Tank, Kevin O’Leary has established his profile as a bold and honest Shark. Loyal Shark Tank viewers know Kevin never sugarcoats his words while giving feedback on pitches. The tradition continued when Kevin O’Leary slammed the business idea of ‘The Lip Bar.’
Brought to the sixth season by black entrepreneurs Melissa Butler and Roscoe Speres, the pitch faced immense criticism from the Shark investors. But the most talked about part of ‘The Lip Bar’ Shark Tank pitch was when Kevin O’Leary called its founders ‘colorful cockroaches.’
Here is a complete discussion of Melissa and Roscoe’s business, Kevin O’Leary’s comments on The Lip Bar, its final deal status, and its journey after Shark Tank.
The Lip Bar Shark Tank: Pitch Recap
The black entrepreneur duo of Melissa Butler and Roscoe Speres approached the Shark investors with their ‘cocktail-inspired’ lipstick mobile business – The Lip Bar. Seeking $125K for 20% equity, the duo claimed that their line of lipsticks was organic and included shea butter, jojoba oil, and avocado oil.
During the pitch, Melissa and Roscoe focused on the many colors of their cocktail-themed lipstick range – spicy reds, neon purples, casual nudes, and electric blues. According to The Lip Bar founders, one could pick their custom-colored shade using the brand’s mobile app.
Additionally, the duo described their differentiator as their ‘lip bar mobile,’ a self-distribution system that removes the need to reach out to other retailers or distributors.
Kevin O’Leary’s Hateful Comment For The Black Entrepreneurs
None of the Shark Tank judges liked the business idea of ‘The Lip Bar.’ But Kevin O’Leary was a bit too harsh while giving his feedback to Melissa Butler and Roscoe Speres. He started by asking Roscoe, ‘Aren’t you worried if you walked into a bar with that color lip, somebody tried to resuscitate you?’
While his fellow Shark investors laughed at his comment, Roscoe kept her calm and said things were the opposite. The entrepreneur claimed that people always got inquisitive about the ‘crazy shade,’ which eventually drove their sales. Despite this, Kevin continued with his blunt remarks.
Kevin O’Leary boldly stated that the chances of ‘The Lip Bar’ being a ‘business’ was ‘practically zero.’ Explaining his opinion, the Shark investor said that many other similar lipstick brands could do the same, so there was no scope for him to get a share.
Based on this, Kevin O’Leary felt those competitive lipstick brands would crush The Lip Bar entrepreneurs like the ‘colorful cockroaches’ they were. Further, he exited the deal by advising Melissa and Roscoe to stop selling lipsticks.
With no offers in hand, the black entrepreneur duo ultimately had to exit Shark Tank without a deal.
Is The Lip Bar Still In Business?
Despite a failed Shark Tank attempt, ‘The Lip Bar’ entrepreneurs continued their hustle. After appearing on the show in 2015, Melissa and Roscoe’s lipstick company found its spot on Target’s website the following year. Additionally, it began selling the lipstick range in stores in 2018, followed by Amazon.
Based on its growth, Uniliver’s New Voices Fund invested an undisclosed amount in the entrepreneur duo’s lipstick company in 2018. After gaining recognition for its quirky lipsticks, the company diversified its offerings and started selling mascara and other skincare items.
The Lip Bar’s growth rate steadily increased when it generated $6.7 million in a seed funding round in 2022. Further, Melissa and Roscoe’s company now has around 30 employees. Together, their efforts have led The Lip Bar to reach Meijer, CVS, and Walmart, yielding $5.5 million in annual revenue.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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