Couple Climbs Out Of $300K Debt With Shark Tank Deal For Kreyol Essence Beauty Business
A couple is here to show you that getting out of $300,000 worth of debt in three years is possible. Business owners Yve-Car Momperousse and Stéphane Jean-Baptist went into ABC’s Shark Tank in debt from their beauty brand Kreyol Essence.
They came out with a $400,000 deal, AfroTech reported. The couple left Shark Tank with a deal from Kevin O’Leary. In addition to the lump sum of $400,000, the couple agreed to 25 cents in perpetuity and 5% in equity with O’Leary.
According to Inc., Momperousse and Jean-Baptist saw their business grow 529% three years later. The site listed Kreyol Essence as No. 44 among the businesses for “Regionals 2023: Southeast Meet the 200 Companies Making an Outsized Impact in the Southeast.”
The couple isn’t in business just for the money. Every purchase does some good in the world. The brand’s website says, “As a social business, we are maniacal about creating sustainable jobs, protecting, and conserving the island’s environment and empowering women. We promise that every purchase you make will have a positive and global impact.”
Kreyol Essence empowers women with employment opportunities. Momperousse said, according to AfroTech, “Even while being victims of gender-based violence, I want to bring hope to women, which is why 90% of the Kreyol Essence staff are women.” The business owner added, “Women are the backbone of Haiti, and as a Haitian-owned social business, I understand that every social issue starts with financial problems, therefore, we focus on the root to get to the heart of changing lives.”
The eco-friendly beauty brand sells products that nourish dry hair and skin. The Kreyol Essence website states, “formulations are made from pure and natural ingredients” and “consist of plant-based oils, herbs, and butters rich in history, moisture, and efficacy.” The brand’s pride and joy is Haitian black castor oil.