Tuesday, February 27, 2024

Kreyol Essence After Shark Tank Update 2024 – Where Are They Now

Kreyol Essence Before Shark Tank

Yve-Car Momperousse founded Kreyol Essence in 2010. The inspiration for her business came to her after she got into a situation with her hot iron. Living in Philadelphia, Yve-Car was having her hair straightened by a hairdresser when the heat suddenly began to burn her hair. She remembered how her mother would care for her hair during her childhood. Growing up, Yve-Car lived in Haiti. She recalls her Saturday mornings when her mom would wash her hair in their kitchen sink before their neighbors would braid Yve-Car’s hair. While the braiding may not have been her favorite part, her mother washing her hair was. She was a big fan of the products her mother would use. For instance, whenever Yve-Car’s hair appeared to be damaged or breaking, her mother would apply a “magic oil”. That magic oil was Haitian Black Castor Oil.

Knowing she needed the Haitian Black Castor Oil to save her damaged hair, Yve-Car started checking multiple stores to find the product; however, she was not able to locate any in Philadelphia. This led her to phone her mother to get the product from Haiti. Considering how much of a lifesaver this magic oil was for her, Yve-Car believed that many other individuals could benefit from the product as well. Given that, she decided to start a business that would allow consumers to order the product. In 2010, a severe earthquake shook Haiti, leaving many lives in shambles. Yve-Car intended to postpone her businesses launch until Haiti was rebuilt, though her mother quickly persuaded her to continue launching the business. Not long after that, Kreyol Essence was created. Kreyol Essence 3

Kreyol Essence is more than just a market for Haitian Black Castor Oil. The company also sells other oils, as well as lotions, and other beauty products. Kreyol Essence’s products are all made with natural, organic ingredients such as Vitamin E, proteins, and minerals, as well as the benefits of 9 different fatty acids and Omega 6. These products are great for promoting healthy skin, hair, and nails. In fact, the company has revealed that their Haitian Black Castor Oil can help damaged hair grow healthily again. Kreyol Essence products can be purchased online or in stores. It’s available on their website and Amazon, as well as in a variety of physical stores in the United States and Canada, such as Whole Foods.

While this is a business that promotes healthy growth, it has an even bigger purpose as well. Kreyol Essence has dedicated the purpose of their business to providing job opportunities to women in Haiti. After the 2010 earthquake struck and lives were affected, many found themselves without jobs. The founder of this business wanted to focus on rebuilding the country while also empowering women. Rather than accepting donations, Yve-Car is helping families in Haiti by creating more jobs, as this has shown to be an effective way in improving education, poverty situations, health, and the overall life. One big ingredient within Kreyol Essence’s products is castor oil, which comes from castor beans. These beans are grown and harvested by individuals in Haiti. Of course, these individuals are paid as well. Though Kreyol Essence is doing well thus far, Yve-Car and her Co-Founder/husband, Stephane Jean-Baptiste, are looking to expand. They will, however, need sharks help.

Kreyol Essence on Shark Tank

Entrepreneurial couple, Yve-Car Momperousse and Stephane Jean-Baptiste, enter the Shark Tank to pitch their business, Kreyol Essence. They are hoping to be offered a deal for $400,000 in exchange for 10% of their company. The couples hand each shark a sample of their beauty products while they introduce the company concept to them. The sharks have a chance to analyze the products; they think they’re good quality. While the sharks already appear to be impressed, they do have some questions. One of which is regarding how their sales have turned out thus far. Kreyol Essence 4

Yve-Car takes the stage and explains their sales. She tells the sharks that, since sales began in 2014, they have made a switch to working directly with their customers. Once they did that, their sales reached more than $1 million within just one year, and up to $2 million in the following year. Before coming on Shark Tank, the couple signed a deal with Ulta Beauty, which outlined the intentions of their products being sold in 1,200 locations. This deal impresses the sharks; however, concerns begin to arise once the couple mentions that Kreyol Essence is currently $300,000 in debt.

Barbara Corcoran speaks up first. She tells the couple that she believes Kreyol Essence needs Yve-Car’s determination and salesmanship in order to remain in business. For that reason, she goes out. Next, Mark Cuban goes out. He states that he doesn’t agree with the companies estimated valuation. Daymond John drops out as well, due to him not having experience within the beauty industry. This leaves Lori Greiner and Kevin O’Leary remaining. Lori, however, goes out of the deal. She refuses to invest due to the business not having done any clinical trials. Without these trials being done, Lori feels that investing could be too much of a risk for her.

The final shark remaining is Kevin O’Leary. Fortunately, he offers the couple $400,000 in exchange for 37% of Kreyol Essence. Considering Yve-Car and Stephane were not expecting an equity that large, they asked Kevin if he would be willing to adjust it. During this time, Stephane begins to get a little emotional; however, Kevin is not fazed by it. The couple the attempts to counter-offer for a $0.15 royalty per unit sold. Kevin counteroffers up to a $0.25 royalty and a 5% equity in the business. Yve-Car and Stephane eventually accepted the deal and left with a deal in place with Kevin O’Leary.

Kreyol Essence 1

Kreyol Essence Now in 2024 – The After Shark Tank Update

Since Kreyol Essence received a deal on Shark Tank, the deal with Kevin O’Leary has not been said to have closed yet. As for the business, it remains open and appears to be thriving. In fact, their sales have increased by 50% since appearing on Shark Tank. Yve-Car talked about the company’s success and what they plan to do further in the aftermath episode of Shark Tank. She states that they have made further plans to put $100,000 towards their social media advertising, search engine optimization, customer engagement, and their influencer marketing.

Since their time on Shark Tank, the company has been featured in Allure Magazine, Forbes, ET, and Cosmopolitan. Additionally, in 2021, the founders were awarded with $200,000 and a title of Fearless Founders during the Muse 100 celebration. Kreyol Essence has expanded their business and they now offer Shark Tank Wonderful Bundles on their website. This is their way of showcasing their newly launched products to their Shark Tank-based customers, which appears to be a successful tactic. Their products can be found on QVC, Amazon, and their website, as well as in select Whole Foods and Ulta Beauty locations. As of 2024, Kreyol Essence has an estimated annual revenue of $4 million.

Melissa Buechler
Melissa Buechler
Graduated from Washington Virtual Academies and have been a freelance writer for about 2 years now. In my spare time, I enjoy spending time with my pets, gaming, etc.
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