Kreyol Essence’s Net Worth
Kreyol Essence is a Haitian beauty company that has been featured on Shark Tank. Its net worth is estimated to be around $4 million.
The company’s sales have grown significantly since its appearance on the show, with net sales surpassing $2 million in 2019.
What is Kreyol Essence and Who Founded Kreyol Essence?
Kreyol Essence is a US-based company that produces natural hair and skin care products made from organic Haitian ingredients. Their product line includes Moringa and Haitian Black Castor Oil-based products, which offer a safer alternative to chemical hair styling products that can often damage hair.
The skincare line is also effective in treating dermatitis and dry skin. The key ingredient in each product is the “magic oil,” Haitian Black Castor Oil, which is rich in Vitamin E, minerals, proteins, and healthy Omega 6 and 9 fatty acids, making it an excellent hair and skin conditioner.
The founder of Kreyol Essence, Yve-Car Momperousse, is a Haitian native with an impressive background.
Prior to starting Kreyol Essence, she held various leadership and social empowerment positions, including serving as an elected member of a major political party’s Pennsylvania state committee, which she still continues to serve on.
Momperousse’s mother used Haitian Black Castor Oil to treat her hair when she was a child and she always found it effective, never failing her. Her hair was frequently damaged after she styled it with traditional straightening treatments, braiding, and weaving, but she was confident in the reparative properties of black castor oil.
Momperousse identified a gap in the US oil market and decided to fill it with Kreyol Essence. The 2010 Haiti earthquake threatened to end her dream, but she persevered when she realized how establishing her company could help economically empower the Haitian people.
Along with her husband and business partner Stephane Jean-Baptiste, Kreyol Essence expanded their product offerings and eventually sought investors to help accelerate the growth of their business. Yve-Car Momperousse is the founder of Kreyol Essence.
Kreyol Essence Shark Tank Pitch
After their appearance on Shark Tank, Kreyol Essence’s Amazon website now offers a wide variety of products with varying prices. They also sell their products in numerous retail stores across the United States and Canada, including multiple Whole Foods Market locations.
Yve-Car and Stephane proposed an investment of $400,000 for 10% of their company, valuing it at $4 million. They presented their products and handed out samples, highlighting that they had been in business since 2014 but only adopted a direct-to-consumer approach in 2017.
In 2018, they generated slightly over $1 million in revenue and were anticipated to exceed $2 million in 2019.
The Sharks were thrilled to learn that Kreyol Essence had signed a contract with Ulta to sell their products, which would bring in significant revenue, but they were concerned about the amount of effort required to educate consumers about the difference between Kreyol Essence and other similar products.
The Sharks were worried about the lack of clinical evidence to support some of their claims, including that their products promoted hair growth.
They also expressed concern about the level of competition in the market. Despite these worries, Kevin saw the potential but offered $400,000 for a 37% stake in the company, which Yve-Car rejected.
They then proposed a royalty contract of $400,000 in exchange for 5% ownership and a perpetual 25% royalty on all sales. Kevin accepted the counteroffer, and the deal was made.
The episode was first broadcast in January 2020 and rerun for the first time in March of that year. Following the show’s premiere, sales increased by 50%, and the products quickly sold out on Amazon.
However, as of August 2020, there was no indication that the sale had been finalized on Kevin’s website, and as of July 2021, the agreement with Kevin had not been completed. Despite this, the company generates $4 million in annual sales.
Kreyol Essence’s Net Worth
Stephane and Yve-Car approach Tank with an offer of $400,000 for 10% of their firm, suggesting a $4 million valuation.
They accepted an offer from Kevin of $ 400,000 for 5% plus $0.25 per unit in perpetuity which brings the valuation to be $8 million.
Kreyol Essence Competitors
Kreyol Essence FAQS
Did Shark Tank made an investment in Kreyol essence?
Kreyol Essence went away from Shark Tank with a $400,000 investment from Kevin O’Leary after co-founders bargained him down from a 37 percent ownership stake to a 5 percent stake and a $0.25 fee on every product sold.
What is the purpose of Haitian black castor oil?
The 100% genuine Haitian Black Castor Oil from Kreyol Essence promotes thick, glossy, long hair and moisturized skin.
With a high concentration of omega fatty acids (3, 6, and 9) and vitamin E, this powerfully moisturizing oil also helps to naturally relieve muscular pains and remove stretch marks.
Who founded Kreyol Essence?
Yve-Car Momperousse founded the Company.
Is Kreyol Essence suitable for all types of hair?
HBCO is suitable for ALL hair types.
Is Kreyol Essence successful?
Kreyol Essence has continued to thrive and has generated millions of dollars in revenue.
The business approach has shifted to direct consumer sales, and the company is growing into the Caribbean market.
Is Haitian castor oil beneficial to the Haitian people’s hair?
Ricinoleic acid transports Omega 6 and 9 fatty acids to the scalp, hence increasing blood circulation and hair development.
The antibacterial and antiviral characteristics of Haitian Black Castor Oil help combat scalp illnesses such as bald patches and alopecia.
How is Kreyol Essence manufactured?
Kreyol Essence (KE) is a company dedicated to bringing natural hair, skin, and body products from Haiti to the rest of the globe.
Their eco-friendly formulas are produced entirely of natural and pure components, with an emphasis on dry hair and skin.
Is Kreyol Essence OK for vegans?
Kreyol Essence is cruelty-free but not entirely vegan, since some of their products contain substances sourced from animals.
How do they use Kreyol Essence Hair Milk on their hair?
Distribute a good quantity of Goat & Coconut Krem Ak Let Moisturizing Hair Milk evenly throughout damp hair from roots to ends using a comb or their fingertips. Squeeze out any extra water.
How are they utilizing Kreyol Pomad?
Apply straight to the scalp and massage in with their fingertips to allow the ingredients to penetrate. May be worn daily or as needed to stimulate hair growth.
To counteract dryness and breakage, apply to the edges, ends, and short hair.
How does Kreyol black castor oil become used?
2-3 times a week, apply oil to the full head of hair to lock in moisture.
As a Deep Conditioner: Add to their conditioner or leave in hair for 30-60 minutes as a hot oil treatment with heat.
For severely damaged hair, leave on overnight before shampooing.
Is Haitian black castor oil suitable for all types of hair?
OKAY 100% Pure Black Jamaican Castor Oil is excellent for all hair types and promotes the growth of strong, healthy hair organically.
Contributes to deeper penetration into the hair follicle, delivering nutrients to the very core of their hair strands for increased body, sheen, and bounce.
Are their products subjected to animal testing?
No, they do not do animal testing or use animal bi-products in our goods.
Their goods are made entirely of natural ingredients. They are honoured to be classified as a Leaping Bunny Certified Cruelty-Free Brand.
Where do their orders originate?
Their Kreyol Essence purchases are mailed directly from their US warehouse.