Kreyol Essence Shark Tank Update | Kreyol Essence after the Shark Tank Pitch
What is Kreyol Essence?
Kreyol Essence is a company in the United States to produce natural hair care and skin care products manufactured from organic Haitian ingredients.
Moringa and Haitian Black Castor Oil-based products from Kreyol Essence offer an alternative to chemical chemicals that frequently cause harm to hair while style.
Dermatitis and dry skin are treated with this skincare line.
Each of the goods contains a little amount of the “magic oil.” Haitian Black Castor Oil is abundant in Vitamin E, minerals, proteins, and healthy Omega 6 and 9 fatty acids, making it a great hair and skin conditioner.
Yve-Car Momperousse, founder of Kreyol Essence, is a Haitian native with an exceptional résumé.
Momperousse has held a variety of directorship and social empowerment posts.
She served as an elected member of a major political party’s Pennsylvania state committee prior to founding Kreyol Essence, which she continues to administer.
Momperousse’s mother used Haitian Black Castor Oil to treat her hair when she was a child.
The oil was always effective, and she never had to worry about it failing her.
Momperousse’s hair was frequently damaged after she dressed it with standard straightening treatments, braiding, and weaving.
She was confident in the reparative properties of black castor oil.
Momperousse identified a void in the oil market in the United States and chose to fill it with Kreyol Essence.
The 2010 Haiti earthquake came dangerously close to putting an end to her.
She persisted when she recognized how its establishment may assist economically empower the Haitian people.
Together with her husband and business partner Stephane Jean-Baptiste, Kreyol Essence expanded their product options and finally sought for investors to assist them in accelerating their firm’s growth.
Who Founded Kreyol Essence?
Yve-Car Momperousse founded the Company.
What happen to Kreyol Essence at the Shark Tank Pitch?
The company’s Amazon website features a diverse selection of items, with pricing varying significantly depending on the item.
Additionally, they sell their product in hundreds of retailers around the United States and Canada, including several Whole Foods Market locations.
Yve-Car and Stephane look to be running a sound business.
Stephane and Yve-Car approach Tank with an offer of $400,000 for 10% of their firm, suggesting a $4 million valuation. Following an explanation of their goods and distribution of samples.
The duo adds that they’ve been in company since 2014, but switched to a direct-to-consumer approach in 2017.
That was a wise decision, since they generated slightly more than $1 million in revenue in 2018 and are expected to exceed $2 million in 2019.
The Sharks were excited 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 effort required to educate the market about the difference between Kreyol Essence and other competitive products.
Although the business is lucrative, it is currently in debt to the tune of around $300,000.
The Sharks are worried that they lack clinical evidence to support some of their claims, including that their product encourages hair growth.
They believe that the promotion of their product is extremely dependent on their co-founders, Yve Momperousse and Stéphane Jean-Baptiste.
The Sharks believed they were instrumental in selling the goods, the tale, and the social purpose. Marketing and education will consume a significant amount of time and money for the Sharks.
Additionally, they are concerned about the level of competition currently present in this market.
Just when it appeared that none of the Sharks would make them an offer, he loves the potential but believes there is significant danger, and therefore offers $400,000 for 37% of the firm.
Yve-Car replied with $400,000 for a 20% stake, but Kevin refused.
They then decided to speak Kevin’s language and counter offer a royalty contract for $400,000 in exchange for 5% ownership and a perpetual 25% royalty on all sales.
Kevin accepts the counter offer, and the transaction is completed.
Kreyol Essence after the Shark Tank Pitch.
This episode first aired in January 2020 and was re-run for the first time less than two months later in March.
Sales increased by 50% immediately following the show’s premiere, and they quickly sold out on Amazon.
While there is no mention of the sale closing on Kevin’s website, Yve-Car announced intentions to spend $100,000 on search engine optimization, social media advertising, influencer marketing, and client retention beyond the initial air date.
As of August 2020, there is still no proof that the transaction was completed.
As of July 2021, the agreement with Kevin has not been finalized. The corporation generates $4 million in annual sales.
Kreyol Essence 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.