Kreyòl Essence is a firm that sells natural hair care and skin products made using organic Haitian ingredients. The firm was launched by husband and wife, Yve-Car Momperousse and Stéphane Jean-Baptiste.
The couple appeared in season 11 episode 11 of the popular ABC show, Shark Tank. They pitched their business to the sharks with the major hopes of securing an investment deal of around $400,000 for 10% equity in the business.
They got a deal from Shark Tank.
What Does Kreyol Essence Do?
Kreyol Essence brings skin, natural hair, and body products from Haiti to the entire world. They sell natural hair care and skin products that are made using organic Haitian ingredients. Notably, their formulations are non-toxic and made from pure and natural ingredients with a particular focus on curating clean beauty products.
The company says that it mainly focuses on people with dry skin, dry hair, and curly hair. You can learn more by watching this video on YouTube.
When Yve-Car Momperousse was young, her mother used the Haitian Black Castor Oil as a remedy for her mainly dry and damaged hair. She knew that this oil was always effective and it would never fail her. After several years, Yve-Car saw a gap in the United States market for Haitian Black Castor Oil and decided to fill that gap with Kreyòl Essence.
After all of that, the 2010 Haiti earthquake almost stopped her but she managed to keep going when she noted that the firm could significantly empower the Haitian people economically. Later, she started the firm with her husband.
What Offer Did Kreyol Get From Shark Tank?
Stephane and Yve-Car came into the Shark Tank show looking for an investment deal of $400,000 for 10% equity in the business. After they pitched, the Sharks were quite impressed but they did not like that the business was $300,000 in debt.
Barbara, Lori, and Mark all had concerns about the debt and the lack of any clinical testing results. On the other hand, Kevin O’Leary liked the potential but saw the risk involved. He offered them a deal of $400,000 for 37% of the business.
The couple decided to counter offer a royalty deal of $400,000 for 5% equity and a 25 cent royalty on every sale. Kevin accepted the counter offer and the deal was done.
Where Is The Company Today?
After their appearance on the Shark Tank show, Kreyòl Essence continues to operate successfully. Notably, their business strategy changed to sell directly to the user and they are now growing into the Caribbean market.
The company records annual revenue of $4 million. Kreyòl Essence has employed many Haitians and established contracts with more than 300 Haitian farmers, fulfilling Momperousse’s aim of empowering her community.