Kreyol Essence Shark Tank Update 2023
In season 11, episode 11, Stephane Jean-Baptiste, with his wife Yve-Car Momperousse, stepped into the Shark Tank TV show with an extraordinary proposition. They sought a $400,000 investment in return for a 10% stake in their castor oil-infused skincare line, Kreyol Essence.
Finally, they settled on a deal: $400,000 and 5% ownership for just 25 cents per product. But what happened to Kreyol Essences after that episode? Is Kreyol Essence still in business?
Today, we’ll give you the most recent Kreyol essence shark tank update. So, let’s delve into the latest information about Kreyol essence.
Kreyol Essence Shark Tank Update
Here is a table showing the latest Kreyol Essence update:
| Company Name | Kreyol Essence |
| Founder | Yve-Car Momperousse |
| Established Year | 2010 |
| Product | Beauty Products |
| Asked for | $400,000 in exchange for 10% |
| Final Deal | $400,000 in exchange for 5%+0.25 cent per product |
| Shark Investor Name | Kevin O’Leary |
| Episode | S11 E11 |
| Air Date | January 12, 2020 |
| Business Status | In business |
| Lifetime Worth | $15.5M estimated |
| Website | Visit Website |
| Social Media | Instagram, Linkedin |
| Headquarters | PO Box 900713, Miami, Florida, 33090, USA |
| Business Area | Mainly in the USA and Canada |
| Phone Number | (786) 453-8287 |
| NAICS Code | 32,325 |
| Number of Employees | 25 |
| Get the Product | Go to Amazon |
| Watch On | Amazon Prime |
Kreyol Essence Before Shark Tank
Yve-Car Momperousse, wife of Stephane Jean-Baptiste, founded the brand in 2010. She was inspired by her childhood memories of her mother using Haitian Black Castor Oil to care for her hair.
She couldn’t find a similar product in Philadelphia and decided to kick off a business to make it accessible to others. Despite the challenges posed by the earthquake (2010) in Haiti, Yve-Car began Kreyol Essence with her mother’s encouragement.
How Was Kreyol Essence On Shark Tank?
Stephane Jean-Baptiste and his wife, Yve-Car Momperousse, participated in the Shark Tank with a big hope. During their pitch on Shark Tank, they mention their $1 million revenue in 2018 and a recent deal with ULTA Beauty.
However, Barbara Corcoran and Mark Cuban dropped out early due to concerns about scalability and investability. Daymond John exits because of his lack of expertise in the beauty industry, and Lori Greiner is hesitant due to the absence of clinical trials.
In the end, Kevin O’Leary makes an initial offer of $400,000 for a 37% stake, but they counter with a royalty proposal. They settled on a deal of $400,000 with a $0.25 per unit royalty and 5% equity. Stephane and Yve-Car accept this offer.
What Happened To Kreyol Essence After Shark Tank
After participating in “Shark Tank,” it continued to grow and expand its product line. They focused on marketing their natural beauty products, including hair care, skin care, and body care items.
The business is doing well, with sales up 50% since the show. And they decided to invest $100,000 in social media, customer engagement, SEO, and influencer marketing. They’re also working with O’Leary’s team on branding and finances.
After the Kreyol Essence Shark Tank episode aired, all their products on Amazon sold out quickly.
Is Kreyol Essence Still in Business?
Kreyòl Essence is still in the beauty and wellness industry. They have a big following on Instagram, over 175k followers, and even celebrities like Cardi B are fans.
What’s even more exciting is that they made history by being the first Haitian brand on QVC.
Even during the tough times of the COVID-19 pandemic, when many businesses struggled, Kreyòl Essence kept going strong and selling their products.
Kreyol Essence’s Net Worth
Kreyol is doing great! Their products are now sold in QVC ULTA, Amazon, QVC, and Whole Foods. After the TV episode, their sales stayed strong. They’re making around $4 million in revenue each year and have a net worth of $5 million.
Kreyol Essence Sales Data
Here’s a table about Kreyol Essence’s sales data year by year:
| Year | Annual Revenue |
|---|---|
| 2014-2020 | $4M |
| 2021 | $2.5M |
| 2022 | $4M |
| 2023 | $5M |
Is Kreyol Essence Profitable Now?
Kreyol Essence is really thriving right now. They got a big boost from being on a business reality show, Shark Tank, and now have special bundles because of it. You can find their products in 350 Food stores and 150 other stores in Canada and USA.
They’re even thinking about going to Europe. This year, Ulta, a big beauty store, started selling their stuff in all 1,200 of their stores and online. So, more people can easily get their products now.
Final Words
Yve-Car Momperousse appeared on Shark Tank and received an offer from Kevin O’Leary. However, they refused because they didn’t want to give away too much of their business.
Instead, they negotiated and offered O’Leary a royalty agreement to keep their equity low. They knew O’Leary’s preferences from studying the Sharks beforehand.
The founders emphasized that their company’s mission was not just about great products but also about alleviating poverty. This bigger purpose motivated them to stand their ground and not settle for an offer that wasn’t right for their business.
The lesson here is simple: Don’t accept an offer that you don’t think is good for your business. And having a meaningful mission can keep you motivated during challenges.
