Where is Sarah Moret now? Curie sold out days after 'Shark Tank' deal, ends year with double revenue
LOS ANGELES, CALIFORNIA: Sarah Moret took her successful deodorant company to Season 13 of 'Shark Tank', seeking $300,000 in exchange for 5% stock. Curie, a brand of natural and safe skincare products, was one of the businesses highlighted in Season 13 of 'Shark Tank'.
Moret, a BSBA graduate from Boston University, founded the LA-based skincare business Curie. She is a Certified Public Accountant who has worked in finance and investing for many years. However, in 2017, she became increasingly aware of the need of using non-toxic and chemical-free cosmetics and skincare products. While she was able to replace most of the products, she had difficulty changing her deodorant since the cleaner alternatives were not as efficient as their chemical-laden equivalents. Continue reading to find out if she was able to strike a deal with the Sharks and where the company is today.
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Moret was able to establish a formula that worked after a year of trying and testing. So she launched Curie as a side project while continuing to work as an Investment Associate at Crosscut Ventures. Profit margins increased as the firm expanded. Moret eventually opted to focus entirely on her firm in December 2018.
Curie started with deodorant sticks and has since added more items to its lineup. During her first Shark Tank visit, the company had six more products: clay detox masks, candles, body oil, body wash, hand sanitizer, and a deodorant spray. They are all cruelty-free, paraben-free, and aluminum-free, but most importantly, they smell fantastic! The majority of the items cost between $12 and $16 apiece. Moret will return to the show on November 10, 2022, to give additional industry and, more crucially, business updates.
What happened during Morettime on 'Shark Tank'?
Moret applied to 'Shark Tank,' seeking $300,000 in exchange for 5% ownership of her firm. People, she claimed, do not consider what goes on their armpits. She then pulled out some aluminum foil to show the aluminum contained in most antiperspirants and deodorants. She then told the Curie story. The Sharks checked out their samples after discussing the ingredients. Shark Lori Greiner thought they smelled pleasant.
After being approached by a national gym chain for its gyms, she created the spray deodorant. Spray deodorants can be shared. Sales in 2019 were $125,000, and she raised $1 million on a convertible note in 2020. The business was not lucrative at the time. Each deodorant stick was $2.70 and retailed for $12. The spray deodorant was $2.90 and retailed at $14. Body care products had an 85% profit margin. According to Shark Daymond John, her statistics are correct. Moret claimed to be a CPA. She was hired as a full-time member of her company's investing team. Sales for 2020 were $700,000, and she was on course to sell $2 million by 2021.
Shark Lori inquired about lab testing, which the company had not done. The ingredient manufacturers had conducted testing. Shark Kevin O'Leary stated that because it is not his place and he cannot bring value, he is out. Shark Mark Cuban says she doesn't see the 'hockey stick' approaching, but Moret said Curie just launched in Soul Cycle nationwide. Even so, Shark Mark left because he didn't like the valuation. Shark Barbara Corcoran stated that she would have made a deal, but she is afraid of how quickly Moret has accumulated funds, therefore she is out. She walked out because she thought it was a "fatal error." Shark Lori concurred with Shark Barbara and also bowed out.
After a brief interval, Shark Daymon expressed dissatisfaction with the valuation. He offered $300,000 in exchange for 20%. Moret responded with $300,000 for 12%. Moret stated that she got to where she was by working hard. While Moret pitched, Sharks Barbara and Mark huddled together. She said she received a call from the producers two hours before the recording. Shark Daymond bowed out after hearing this. That, according to Shark Barbara, is a good omen. Barbara and Mark, the Sharks, offered $300,000 for 14%. Moret responded with $300,000 in exchange for 12% + 2% advisory shares. Moret then raised the offer to $300,000 for 10% plus 4% advisory shares, to which Sharks Barbara and Mark accepted.
Where is Curie now and how is the company faring today?
Curie totally ran out of products three days after the episode aired, and the company doubled its first year's revenue (that's $250,000 in three days). Moret stated that more products would be ready by the end of April 2022. The deal with Sharks Barbara and Mark was closed in October 2022. The company's website and Amazon are now back in stock. They also sell their items in over 300 retailers around the country, including Nordstrom and Anthropologie.
The company will get an update segment on the upcoming episode of 'Shark Tank' Season 14.
‘Shark Tank’ Season 14, Episode 6 airs on ABC on Friday, November 11, 2022, at 8 pm ET. Catch the latest episode that features products like Collars and Co., Nana Hats, SquareKeg, and Wondry.