What Happened to Kreyol Essence After the Shark Tank Pitch?
What is Kreyol Essence?
Kreyol Essence is a firm based in the United States that manufactures natural hair care and skincare products using organic Haitian ingredients.
Kreyol Essence’s Moringa and Haitian Black Castor Oil-based products provide an alternative to toxic compounds that typically injure hair when styling.
This skincare line treats dermatitis and dry skin.
Each of the items includes a trace of the “magic oil.” Haitian Black Castor Oil is high in Vitamin E, minerals, proteins, and Omega 6 and 9 fatty acids, making it an excellent hair and skin conditioner.
Who Founded Kreyol Essence?
Yve-Car Momperousse, the originator of Kreyol Essence, is a native Haitian with an impressive resume.
Momperousse has held a number of directorships and positions of social empowerment.
Prior to starting Kreyol Essence, which she still runs, she was an elected member of a major political party’s Pennsylvania state committee.
When Momperousse was a youngster, her mother used Haitian Black Castor Oil to cure her hair.
She never had to worry about the oil failing her because it was always effective.
Momperousse’s hair was regularly damaged when she used normal straightening treatments, braiding, and weaving to style it.
She had faith in the healing virtues of black castor oil.
Momperousse noticed a need in the oil market in the United States and picked Kreyol Essence to fill it.
The 2010 Haiti earthquake came perilously close to taking her life.
She persisted after seeing how its formation may help Haitians gain economic empowerment.
Kreyol Essence, together with her husband and business partner Stephane Jean-Baptiste, increased their product offerings and eventually sought investors to help them accelerate their firm’s growth.
What Happened to Kreyol Essence at the Shark Tank Pitch?
The company’s Amazon website offers a wide range of products, with prices changing greatly depending on the item.
They also offer their product in hundreds of stores across the United States and Canada, including multiple Whole Foods Market locations.
Yve-Car and Stephane appear to be operating a successful business.
Stephane and Yve-Car approach Tank with a $400,000 offer for 10% of their company, implying a $4 million valuation. Following a description of their products and the distribution of samples.
The pair also mentions that they’ve been in business since 2014, but converted to a direct-to-consumer model in 2017.
That was a great choice, as they earned slightly more than $1 million in sales in 2018 and are likely to earn more than $2 million in 2019.
The Sharks were ecstatic to learn that Kreyol Essence had secured a contract with Ulta to sell their product, which would represent a significant revenue stream, but they are concerned about the amount of work required to educate the market about the difference between Kreyol Essence and other competitive products.
Although the company is profitable, it is now in debt to the tune of $300,000.
The Sharks are concerned that they do not have clinical data to back up some of their claims, such as that their product promotes hair growth.
They feel that their co-founders, Yve Momperousse and Stéphane Jean-Baptiste, are particularly important in the marketing of their goods.
The Sharks thought they had an important role in marketing the goods, the story, and the social purpose. The Sharks will spend a large amount of time and money on marketing and education.
They are also concerned about the existing level of competition in this sector.
Just when it looked that none of the Sharks would make them an offer, he likes the potential but feels there is huge risk, so he offers $400,000 for 37% of the company.
Yve-Car countered with $400,000 for a 20% share, but Kevin rejected.
They then decided to speak Kevin’s language and counter-offer a $400,000 royalty deal in exchange for 5% ownership and a permanent 25% royalty on all sales.
Kevin accepts the counter-offer, and the transaction is finished.
What Happened to Kreyol Essence After the Shark Tank Pitch?
This episode debuted in January 2020 and was re-aired for the first time less than two months later in March.
Sales soared by 50% soon after the show’s premiere, and Amazon rapidly sold out.
While there is no indication of the transaction completing on Kevin’s website, Yve-Car has stated that it intends to spend $100,000 on search engine optimization, social media advertising, influencer marketing, and customer retention beyond the original air date.
There is still no indication that the deal was finalized as of August 2020.
The arrangement with Kevin had not been concluded as of July 2021. The company’s annual revenue is $4 million.
What is the Net Worth of Kreyol Essence?
Stephane and Yve-Car approached Tank with a $400,000 offer for 10% of their company, implying a $4 million valuation.
They accepted Kevin’s offer of $400,000 for 5% plus $0.25 per unit in perpetuity, bringing the worth to $8 million.
Who are the Competitors of Kreyol Essence?
There are no known competitors for Kreyol Essence.
Kreyol Essence FAQS
Is it true that Shark Tank invested in Kreyol essence?
Kevin O’Leary invested $400,000 in Kreyol Essence after co-founders talked him down from a 37 percent ownership stake to a 5 percent stake and a $0.25 charge on every product sold.
What is the purpose of Haitian black castor oil?
Kreyol Essence’s 100% authentic Haitian Black Castor Oil promotes thick, lustrous, long hair and moisturized skin.
This strongly moisturizing oil, which has a high concentration of omega fatty acids (3, 6, and 9) and vitamin E, also helps to naturally ease muscle aches and eliminate stretch marks.
Who founded Kreyol Essence?
The company was formed by Yve-Car Momperousse.
Is Kreyol Essence suitable for all types of hair?
HBCO is appropriate for ALL HAIR TYPES.
Is Kreyol Essence successful?
Kreyol Essence has thrived and made millions of dollars in sales.
The company’s business strategy has switched to direct consumer sales, and it is expanding into the Caribbean market.
Is Haitian castor oil beneficial to the Haitian people’s hair?
Ricinoleic acid distributes Omega 6 and 9 fatty acids to the scalp, improving blood circulation and hair growth.
The antibacterial and antiviral properties of Haitian Black Castor Oil aid in the treatment of scalp ailments such as bald patches and alopecia.
How is Kreyol Essence manufactured?
Kreyol Essence (KE) is a firm committed to introducing natural Haitian hair, skin, and body products to the rest of the world.
Their environmentally friendly solutions are made completely of natural and pure ingredients, with a focus on dry hair and skin.
Is Kreyol Essence OK for vegans?
Kreyol Essence is cruelty-free but not totally vegan, as some of their products include animal-derived ingredients.
How do they use Kreyol Essence Hair Milk on their hair?
Distribute a large amount of Goat & Coconut Krem Ak. Using a comb or their fingertips, distribute Moisturizing Hair Milk evenly throughout damp hair from roots to ends. Remove any excess water by squeezing it.
How are they utilizing Kreyol Pomad?
To allow the components to permeate, apply directly to the scalp and rub in with their fingertips. To encourage hair development, use daily or as required.
Apply to the edges, ends, and short hair to combat dryness and breakage.
How does Kreyol black castor oil become used?
Apply oil to the entire head of hair 2-3 times each week to seal in moisture.
As a deep conditioner, mix it with their conditioner or keep it in their hair for 30-60 minutes as a hot oil therapy with heat.
Allow to sit on badly damaged hair overnight before shampooing.
Is Haitian black castor oil suitable for all types of hair?
OKAY 100% Pure Black Jamaican Castor Oil is suitable for all hair types and stimulates the organic growth of strong, healthy hair.
Contributes to greater hair follicle penetration, bringing nutrients to the very core of their hair strands for improved body, shine, and bounce.
Are their products subjected to animal testing?
No, they do not do animal experimentation or utilize animal by-products in their products.
Their products are fully created from natural substances. They are honoured to be a Leaping Bunny Certified Cruelty-Free Brand.
Where do their orders originate?
Purchases of Kreyol Essence are shipped straight from their US warehouse.