54 Thrones, a skincare brand inspired by African beauty rituals, has made a significant impact since its appearance on Shark Tank.
Here’s a detailed look at the journey, net worth, and future prospects of this unique beauty brand.
The Birth of 54 Thrones
Founded in 2017 by Christina Funke Tegbe, 54 Thrones emerged from her transformative journey to Africa, where she discovered the beauty of raw natural ingredients used in African skincare rituals.
With a mission to showcase the richness of African cultures and empower women in Africa, Christina launched 54 Thrones to create job opportunities and bring African-inspired skincare products to a global audience.
The brand’s headquarters are located in New York, NY, placing it at the heart of the city’s fashion and beauty retailers.
Founder’s Background
Christina Funke Tegbe, of Nigerian descent, holds a background in Business Law and Management from Tulane University and an MBA from the University of Houston-Clear Lake.
Before founding 54 Thrones, she worked as a Senior Consultant at Cumberland Consulting Group and ventured into several businesses, including housekeeping, janitorial services, and a task outsourcing agency named AvailVA.
The Shark Tank Experience
54 Thrones garnered significant attention when Christina Funke Tegbe appeared on Shark Tank Season 13, Episode 4, seeking a $250,000 investment for a 10% stake in her company.
The pitch was successful, resulting in a $250,000 investment from Sharks Kevin O’Leary and Nirav Tolia for a 17.5% stake, valuing the company at $1,428,571.43 at the time.
However, it’s important to note that this deal with the Sharks did not close post-show.
Post Shark Tank Growth and Achievements
Net Worth and Revenue
Since its appearance on Shark Tank, 54 Thrones has seen a remarkable growth trajectory. The company’s net worth is estimated at around $3.6 million, with a projected revenue of $15 million in 2023.
This impressive growth can be attributed to the brand’s diverse product line, strong brand recognition, and partnerships with high-profile brands like Sephora and Nordstrom.
Recognition and Impact
The brand has achieved significant recognition, winning the Oprah Magazine O-award for Best Face Oil in 2020 and being chosen as one of Oprah’s Favorite Things in the same year. This exposure has undoubtedly contributed to the brand’s success.
Products and Ethical Sourcing
54 Thrones offers a range of skincare products, including African Beauty Butters, Shea Radiance Face Oil, Baobab Body Wash, and Moringa Body Scrub.
The brand’s commitment to natural ingredients and ethical sourcing practices is a cornerstone of its business model.
Ingredients are sourced from cooperatives and artisans across Africa, including Ghana, Uganda, Nigeria, Morocco, South Africa, and Egypt.
Unique Selling Propositions
The brand stands out for its African-inspired, clean beauty products. Its unique selling propositions include availability of African heritage in luxury goods, partnerships with African cooperatives, and commitment to beyond-clean beauty standards.
Future Challenges and Prospects
Despite its success, 54 Thrones faces challenges in a highly competitive beauty industry.
Managing costs effectively and adapting to the economic climate are crucial for its continued growth.
However, with its strong brand recognition, quality products, and commitment to innovation, 54 Thrones is well-positioned for future success.
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Conclusion
In conclusion, 54 Thrones embodies the spirit of entrepreneurship, cultural heritage, and ethical business practices. Christina Funke Tegbe’s journey from a management consultant to an influential beauty entrepreneur is an inspiring story of passion, dedication, and impact.
The brand’s focus on showcasing African beauty rituals, empowering women, and ethical sourcing has set a new standard in the beauty industry. With its growing net worth and widespread recognition, 54 Thrones continues to thrive, symbolizing the rich and diverse beauty of the African continent.