What Is Kreyol Essence, and How Does It Work?
Kreyol Essence is a firm based in the United States that manufactures natural hair and skincare products using organic Haitian ingredients. Kreyol Essence’s moringa and Haitian Black Castor Oil-based products are a natural alternative to the toxic compounds that typically injure hair during styling. This skincare range helps with dermatitis and dry skin.
A small amount of the “magic oil” is present in each of the items. Vitamin E, minerals, proteins, and healthful Omega 6 and 9 fatty acids abound in Haitian Black Castor Oil, making it an excellent hair and skin conditioner. The originator of Kreyol Essence, Yve-Car Momperousse, is a Haitian native with an impressive resume.
Momperousse has held a number of directorships and positions related to social empowerment. Prior to launching Kreyol Essence, she was an elected member of a major political party’s Pennsylvania state committee, which she still runs. When Momperousse was a youngster, her mother used Haitian Black Castor Oil to cure her hair.
She never had to worry about the oil failing her because it was always effective. Momperousse’s hair was regularly damaged as a result of her straightening, braiding, and weaving techniques. She felt confident in black castor oil’s healing abilities. Momperousse saw a gap in the oil market in America and decided to fill it with Kreyol Essence.
The earthquake in Haiti in 2010 came dangerously close to putting an end to her life. She persisted when she saw how its formation may help the Haitian people become more economically empowered. Kreyol Essence extended their product offerings with her husband and business partner Stephane Jean-Baptiste and eventually sought investors to help them accelerate their company’s growth.
Who Was the Founder of Kreyol Essence?
The company was formed by Yve-Car Momperousse.
How Did Kreyol Essence Do at The Shark Tank Pitch?
The Amazon website offers a wide range of products, with prices changing greatly depending on the item. They also offer their products in hundreds of stores across the United States and Canada, including various Whole Foods Markets.
Yve-Car and Stephane appear to be operating a successful company. Stephane and Yve-Car approach Tank with a $400,000 offer for a 10% stake in their company, implying a $4 million valuation. After a brief introduction of their products and the distribution of samples,
The pair also mentions that they’ve been in business since 2014, but that they shifted to a direct-to-consumer model in 2017. That was a great decision since they made slightly more than $1 million in sales last year and are on track to make more than $2 million this year.
The Sharks were ecstatic to learn that Kreyol Essence had signed a deal with Ulta to sell their product, which would represent a significant revenue stream, but they are concerned about the time and effort required to educate the market about the differences between Kreyol Essence and competing products. Despite its success, the company is presently in debt to the tune of $300,000.
The Sharks are concerned that several of their claims, such as that their product promotes hair growth, are unsupported by clinical data. They feel that their co-founders, Yve Momperousse and Stéphane Jean-Baptiste, are crucial to the success of their product.
The Sharks thought they had a key role in marketing the product, the story, and the social mission. The Sharks will spend a large amount of time and money on marketing and education. Furthermore, they are concerned about the existing level of competition in this sector.
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He likes the potential but feels there is a tremendous risk, so he offers $400,000 for 37 percent of the company just when it looked that none of the Sharks would make them an offer. Kevin declined Yve-offer Car’s of $400,000 for a 20% interest in the company.
They then decided to speak Kevin’s language by counter-offering a $400,000 royalty deal in return for 5% ownership and a permanent 25% royalty on all sales. Kevin accepts the counteroffer, and the deal is finished.
After the Shark Tank Pitch, Kreyol Essence:
This episode initially aired in January 2020, and it was re-run for the first time in March of the following year. Following the launch of the show, sales climbed by 50%, and they rapidly sold out on Amazon.
While Kevin’s website makes no note of the deal closing, Yve-Car stated plans to spend $100,000 on SEO, social media advertising, influencer marketing, and customer retention beyond the original air date.
There is still no indication that the deal was finalized as of August 2020. Kevin’s contract has not been settled as of July 2021. The company has a revenue of $4 million every year.
Kreyol Essence’s Net Worth:
Stephane and Yve-Car approach Tank with a $400,000 offer for a 10% stake in their company, implying a $4 million valuation. They accepted Kevin’s offer of $400,000 for 5% plus $0.25 per unit in perpetuity, bringing the total value to $8 million.