About the Business
Lit Cosmetics Ltd.
1811 4 Street S.W. Suite 466
Jodie was born and raised in Drayton Valley, Alberta. A self-proclaimed “beauty-school dropout,” Jodie works closely with the company’s cosmetic formulators in L.A. to develop and revise Lit’s glitter products. She and her husband, James Perks, operate Lit Cosmetics out of Calgary, and spend much of their time travelling the world to different cosmetic trade shows, working to spread the Lit brand even further.
As the head of “Glitter Maintenance” at Lit Cosmetics, James oversees all shipments, order questions, and operations. The born-and-raised Calgarian spent years as a competitive ski racer, and remains involved with the Alpine Canada community
at the coaching and technical level. The people skills he developed in his sporting life have transferred into his current business, and both he and Jodie pride themselves on being genuine, down-to-earth people - with a little extra sparkle, of course.
Jodie Perks is 100% owner of Lit Cosmetics Ltd.
Description of Business
Lit Cosmetics is a glitter focused cosmetic company based out of Calgary. Despite the Alberta-roots their company is truly international in their reach. Lit Cosmetics now ships worldwide, working with wholesalers as far reaching and varied as Iceland, Ireland and India. From Bloomingdales in New York to small cosmetics stores in Barbados, their product is available in retail stores across the world. They also partner with Cirque du Soleil to help their performers get “glitzed.” Lit was recently worn by big names like Oprah in “A Wrinkle in Time”, and Lady Gaga at the 2018 Grammy Awards.
They currently offer a wide range of loose glitter makeup, metallic eye colours called Lit Metals, as well as glitter bases (glue), brushes, tools and 3D “glitter decor.” Their latest product under development is called Glitter Camo - an easy-to-apply, one-step blend of the glitter and glue.
Use of the Funds
Lit Cosmetics Inc. is looking to raise $100,000 through ATB LendR to expand the capacity of the company. The funds will be used to:
Increase cash flow to allow Lit Cosmetics to continue fulfilling orders, while meeting the large minimum volumes required by wholesalers
Finance part of the first order of Glitter Camo (approx 9,000 units) and pay for a second order.
Terms of LendR Loans
Loans will have a term of 2 years (24 months), beginning after the loan is successfully funded. Lit Cosmetics Ltd. will repay the principal plus 15% interest, calculated as a blended loan. Lit Cosmetics Ltd. will make monthly payments of 1/24 the total repayment amount. Lit Cosmetics Ltd. may not prepay the whole or any part of the principal sum under the Loan without ATB’s written approval, which may, at the sole option of ATB, be conditional on paying a prepayment privilege equal to 3 months’ interest payments.
Lit Cosmetics Ltd. has been in business for sixteen years. There are financial, operational and market risks for any business. Some risks that apply specifically to this business include:
Supplying wholesalers can be challenging to manage. If a product is popular, the minimum order sizes can be a challenge for a business to finance.
Lit Cosmetics operates on USD, so fluctuations in currency values is something that needs to be managed.
With a small staff base, it is important to have quality, knowledgeable staff to ensure consistency in the business.
This lending profile does not contain a statement that, in a material respect and at the time and in light of the circumstances in which it is made, is misleading or untrue and it does not fail to state a fact that is required to be stated or that is necessary to make a statement not misleading.
Certified as of: June 12, 2018
By: Jodie Perks