The biggest strength of entrepreneurs is their ability to innovate. Usually, this doesn’t mean beauty products, but Kreyol Essence oil may be the exception to the rule. Stephane Jean-Baptiste and Yve-Car Momperousse’s Haitian castor oil products are a new take on a modern beauty trend. Will the sharks believe in this ‘liquid gold’ during the Season 11 pitch? Find out in our
Shark Tank Kreyol Essence Update
- Entrepreneur: Stephane Jean-Baptiste and Yve-Car Momperousse
- Business: Haitian castor oil beauty products
- Ask: $400,000 for 10% equity
- Result: $400,000 for 5% equity and $0.25/unit royalty in perpetuity
- Shark: Kevin O’Leary
Kreyol Essence is doing more than just making beauty products. They are creating jobs for women in their cultural home of Haiti. Unlike some entrepreneurs that come to
More than that, Kreyol Essence features a whole line of beauty products, lotions, and oils. They even tote that their oil can help promote hair growth. During their pitch, they give the sharks a box of their products, and all agree that they look and feel great.
Yve-Car explains their previous earnings, including the $1 million dollars in revenue they earned in 2018. They’ve pivoted towards direct-to-consumer sales, and they’ve also just signed a deal with ULTA beauty, one of the largest beauty companies in the US.
Barbara Corcoran is the first shark to chime in, stating that she’s out because the business is too dependent on Yve-Car herself. Without the remarkable salesmanship Yve-Car brings to the table, she doesn’t think it’s scalable.
Mark Cuban doesn’t think the company is worth its valuation, so he drops out as well. Daymond John doesn’t have any expertise in the beauty world, so he drops out as well. Lori Greiner is next, and she says that the product doesn’t have clinical trials for hair growth and other aspects, so she drops out due to the risk.
Only Kevin O’Leary is left, and he makes them a sharky deal: $400,000 for 37% stake in the company. The entrepreneurs say this is just too large an ask, and try to convince him otherwise. Stephane gets emotional, but even this doesn’t sway Kevin.
They eventually counter with a royalty offer, which immediately piques Kevin’s interest. They offer $400,000 in exchange for $0.15 per unit royalty in perpetuity. Kevin counters, raising the royalty to $0.25 and 5% equity. Stephane and Yve-Car agree to the deal.
Is Kreyol Essence selling as well as the entrepreneurs believed it would? Keep reading our
Kreyol Essence is doing better than ever before. Now, you can find their products in ULTA, Whole Foods, QVC, and Amazon. They managed to maintain sales after the episode aired. Our Kreyol Essence update research revealed that they are now pulling about $4 million per year in revenue.
On their website, you can purchase ‘Shark Tank Wonderful Bundles’, which is a great way to market select groups of products to the new
You can find the other company updates from Season 11 Episode 11 here:
Don’t forget to take a look at our Season 11 products page! We’ve got more company updates from