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Fur is a manufacturer of all-natural skin and hair care products for the personal care market. Fur Oil, a product of this business, was highlighted on Shark Tank.
Laura Schubert and Lillian Tung, two close friends, launched this cosmetic brand in 2016. These two women are mothers and businesswomen. Lillian had developed a recipe for hair care, and when she recognized a business prospect in it, she talked to her friend Laura about it.
Together, these two pals founded a fur business. Laura is knowledgeable in finances and business, and Lillian is an expert in marketing. They did not encounter many issues because they had a wealth of business understanding.
They made the decision to go to the Shark Tank and requested the sharks for $500,000 for 2.5% equity at a $20M valuation in order to grow their firm. This valuation is supported by their sales, which total $1,000,000 annually.
Fur Oil: What Is It?
The cosmetic brand Fur offers Fur Oil, a natural solution for pubic hair and skin. Fur Oil, a combination of clary sage, tea tree, jojoba, and grape seed oils, aids in preventing ingrown hairs.
Fur Cosmetic Company manufactures a variety of ingrown skin and hair care products, such as serums, lotions, patches, brushes, and more, in addition to ingrown oil. All of these items are available for purchase on the company’s website and the Amazon shop.
Who Is The Founder Of Fur?
Fur Cosmetic Company’s Co-Founders are Two female Entrepreneurs Laura Schubert and Lillian Tung. These two friends started this company in 2016.
Laura Schubert
Laura is the co-founder and CEO of this company, she has a majority stake in the company. She has worked in “Goldman Sachs” and “L.E.K. Consulting” for many years. She worked as a case team leader at Bain & Company for 2 years.
Lillian Tung
Lillian is the Co-Founder and CMO of the company, She has years of experience in marketing because she has worked for many years in companies like Time Inc., and Maybelline.
How did the pitch for fur go on Shark Tank?
Two female business owners, Laura and Lillian, appeared on Shark Tank and requested $500k for 2.5% equity. The sharks were interested in the firm after they were told about it, but not in the company’s valuation.
They informed Shark that they had $5 million in revenue the previous year. According to several media outlets, Emma Watson revealed that she used fur oil in 2017. Following this, fur oil sales surged in growth.
The initial offer from Daymond John was for $500k for 15% stock at a $3.3 million valuation. In exchange for 2.5% equity and a $1 per unit royalty until he recovers $1 million, Kevin O’Leary pledged $500,000.
In exchange for a 12% ownership, Lori Greiner provided $500k, plus $50,000 to a group that supports body positivity. All the sharks were fended off by the co-founders with $500k for 5% stock. Daymond reduced his equity to 10%.
Lori’s equity dropped to 8%. The offer was accepted by the co-founders.
What transpired with fur oil following Shark Tank?
Fur Cosmetics signs a deal on Shark Tank. The company’s sales rose after this Shark Tank episode aired, and the majority of their orders came from Amazon.
Along with being sold in well-known retail locations like Credo Beauty, Nordstrom, Bluemercury, and Ulta Beauty, this item is also available on Amazon.com. This corporation introduced its brand-new item, Ingrown Deodorant, on August 24, 2023.
Shark Tank Update for Fur
Sales substantially increased after this Shark Tank episode aired. On Amazon and other social media sites, a lot of customers have left favourable reviews for Fur Oil. There isn’t a lot of information yet about this company.
How Much Does Fur Cost?
Farr has a $10 million net worth. Every year, this business generates millions of dollars in revenue, and the proprietors are extending the product offering. The cosmetics market in the US will be worth US$19.43 billion in 2023 despite fierce competition.
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Fur: Is It Still A Thing?
Currently, this business is doing fairly well. This company’s two female founders are putting their knowledge into growing the company.
This company’s headquarters are in New York, New York, and, according to LinkedIn, 11 to 50 individuals work there.
Yes, as of September 2023, Fur is still in operation.
