Lê Thảo Nhi, the first runner-up of Miss Universe Vietnam 2022, is a well-known content creator, fashion and lifestyle influencer, and a beautiful entrepreneur. Her appearance excited the panel of “sharks” immensely.
“Blinding” the Sharks to Experience the Unique Fragrance
In her debut on Shark Tank season 7, Thảo Nhi made a striking first impression by blindfolding all five sharks with silk scarves to enhance their sensory experience of Nimai.
Accompanying the female entrepreneur was Romain Leclef, a Frenchman and co-founder of Nimai, hailing from a family with a nearly 200-year legacy in the fragrance industry. He is the seventh-generation successor of the company.
Nimai was established in 2023 with an investment capital of 300,000 USD. Thảo Nhi shared that the team spent over six months crafting a unique scent derived from the Centifolia rose, the most expensive rose in perfumery.
With an expected retail price of 170 USD (approximately 4-5 million VND), the profit margin is targeted at 70 USD, or 41%. In the first year, the plan is to produce 2,000 bottles, selling 1,500 of them through e-commerce. Entering Shark Tank, Nimai sought an investment of 100,000 USD for a 10% stake.
Shark Minh Beta questioned whether individuals earning 15-20 million VND would be willing to splurge on a 170 USD product.
In her response to Shark, Thảo Nhi asserted that this was understandable, given her experience in the fashion industry, where she learned about pricing dynamics. Thus, although consumers may not have a high income, they can save up to purchase desired items, which also serves as a symbol of their purchasing power.
However, Shark Minh Beta remained skeptical, pointing out the plethora of established competitors in the market.
Thảo Nhi responded that it depended on emotions: “Just like with clothing, I don’t only buy from one brand. I constantly change my dressing style and even my personal preferences. From my business experience, I’ve realized that people buy fragrances for various reasons: the scent itself, brand loyalty, community influence, and countless other factors. As long as they can connect with the brand’s story, it’s enough.”
Shark Tillman Schulz, intrigued by Nimai, shared his thoughts: “Thảo Nhi has almost a million followers, and Romain Leclef’s company boasts a 200-year heritage. In business, 80% of success relies on networking, so leverage that.”
However, Founder Thảo Nhi Lê expressed her desire to first prove herself in the market before seeking investment, opting to test the product herself and then introduce it to a wider audience.
Miss Thảo Nhi Lê Fails to Convince the Sharks
As the startup had not yet launched a specific product, and Shark Bình admitted to a lack of understanding of the fragrance industry, he decided against investing but expressed admiration for the founders’ journey, stating: “I sense that I might be missing out on a great opportunity by declining this investment.”
Following Shark Bình’s decision, Shark Lê Mỹ Nga voiced her concerns about the highly competitive nature of the fragrance industry, brimming with challenges. She believed that the company was still in its infancy and might struggle to compete with established brands and smaller niche players globally, leading her to opt out of investing.
While praising the scent of Nimai, Shark Minh Beta expressed difficulty in assessing the company’s value without an actual product and a lack of future projections from the startup.
After three rejections, Shark Tillman Schulz concurred with his fellow sharks, saying, “I think all five of us are a bit apprehensive. Although there are fragrances even more expensive than yours, 170 USD is still a hefty price tag.” Consequently, he also chose not to invest.
The final shark to express her opinion, Shark Phi Vân, echoed Shark Minh Beta’s sentiments, stating that she liked the scent of Nimai. “I believe you can make it,” she encouraged, “but perhaps you’ve come to us a bit too soon. Nimai is still in the testing phase, and right now, you might need a co-founder more than an investor.” Shark Vân ultimately decided against investing as well.
With five rejections, the deal was off, and Á hậu Thảo Nhi Lê’s Nimai failed to secure an investment from the sharks.
