This couple lost major client and nearly gave up on their beauty brand — until they walked into ‘Shark Tank’
'Shark Tank' has always been full of surprises, new products, and interesting pitches, but what makes the show interesting are the investors who can make or break the business by foreseeing its future. That's exactly what happened in season 11 when entrepreneurs Stephane Jean-Baptiste and Yve-Car Momperousse, founders of Kreyòl Essence, appeared on the show. The power couple from Miami kicked off their pitch seeking $400,000 for 10% equity in their company. They described the product as the "liquid gold" of the Caribbean, revealing the nourishing oil which can be used multipurpose for hair, skin, as well as the body. The couple then also revealed the secret ingredient, which forms the essence of the product, "Castor Oil."
They also showed the sharks the process of making the oil, which was completely handcrafted, first going through the process of hand-selecting the seeds, followed by grinding by pestle and mortar, and then roasted and simmered to perfection. As the sharks tested the product samples, Momperousse added adding the products are also helpful in relieving symptoms of skin conditions like psoriasis or eczema.
Momperousse also revealed that they are not only producing more jobs for farmers but also paying them above the market rate. However, when the company started in 2014, it did $135,000 in sales, but after losing a top client, the sales came down to $40,000 in 2016. They rebounded in 2017 by focusing on selling directly to consumers and earned $1 million in sales in 2018 by changing the approach to a consumer-based market. They also secured a contract with the beauty retailer Ulta, which made their sales projection $2M.
View this post on Instagram
Despite the impressive pitch, shark Barbara Corcoran pointed out that, "Your business is too dependent on you selling the product, it's just not scalable," before opting out, and so did Mark Cuban and Daymond John. However, Kevin O’Leary, who appreciated their track record, proposed an offer of $400,000 for 37% of the company. But Momperousse countered his offer and brought down his stake to 20%. In response, O'Leary said to the couple, "Look, I’m impressed by you. Now we’re having a tough-love discussion,” O’Leary said. “It’s about money. I want to make money.” He further turned down the offer of 25%.
View this post on Instagram
Just the thought of being so close to losing the deal, Jean-Baptiste couldn't hold back his tears and recalled the time when he faced a similar challenge, "That period was tough for us in 2016,” he said. “I mean, even to the point where we almost closed the business down. It challenged our relationship,p feeling as if we sort of failed our community, failed ourselves.” While Jean-Baptiste seemed to be losing it, his wife took control of the situation and yet made another royalty deal by offering 15 cents per bottle in perpetuity.
"Royalty? That brings a tear to my eye," O’Leary replied. Fortunately, things took a surprising turn when O'Leary didn't back out and gave his final offer, which was royalty of 25 cents in perpetuity and 5% equity in the company," prompting a quick yes from Momperousse, who said, "You have a deal." While Corcoran quipped," No one saw that coming." According to USA Today, after coming out of the Tank, Momperousse spoke of her experience and said, “We were not expecting Mr. Wonderful to be a partner in a Haitian beauty brand. Kevin O’Leary surprises you.” Since appearing on the show, the company has not had to look back, and in 2023, a report from Inc. Magazine showed that Kreyol Essence has experienced significant growth of 529% in three years, according to Yahoo Finance.
