Le Thao Nhi is known as the 1st runner-up of Miss Universe Vietnam 2022, a content creator, a fashion and lifestyle influencer, and a beautiful businesswoman. Her appearance excited the “sharks” immensely.
“Blinding” the Sharks to Experience the Unique Fragrance
Thao Nhi made a striking first impression on the Sharks in Season 7 by blindfolding all five of them 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 nearly 200 years of experience in the fragrance industry. He is the seventh-generation successor of the company.
Nimai was established in 2023 with an investment of 300,000 USD. Thao Nhi shared that the team spent over six months crafting a unique fragrance from the Centifolia rose, the most expensive rose in perfumery.
The expected selling price is 170 USD (approximately 4-5 million VND), with a profit goal of 70 USD, or 41%. In the first year, they plan to produce 2,000 bottles and sell 1,500 of them through e-commerce. Nimai approached Shark Tank seeking 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 spend 170 USD on a fragrance.
Thao Nhi responded that this was reasonable, drawing from her experience in the fashion industry. She explained that although consumers might not have a high income, they could save up to purchase what they desire, and it also represents something they can aspire to.
However, Shark Minh Beta remained skeptical, pointing out the numerous established competitors in the market with longstanding reputations.
In response to the Chairman of Beta Group, Thao Nhi asserted that it depends on emotions: “Just like buying clothes, I don’t only buy from one brand. I always change my dressing style and even my taste. After a period of doing business, I realized that some people buy because of the fragrance, some because they like the brand, some because they are in my community, and there are countless other reasons why they buy the product. But as long as they can feel the story of this brand, it’s enough.”
Shark Tillman Schulz, who showed a keen interest in Nimai, shared his thoughts: “Thao Nhi has nearly one million followers, and Romain Leclef’s company has a 200-year heritage. In business, 80% is about networking, so take advantage of that.”
However, Founder Thao Nhi Le expressed her desire to first prove herself in the market before seeking investment, wanting to test the product and then bring it everywhere.
Miss Thao Nhi Le Fails to Convince the Sharks
As the startup had not yet launched a specific product, and Shark Binh also admitted to not understanding the perfume industry well, he decided not to invest but expressed his admiration for the founders’ journey, stating: “I think I’m missing out on a great opportunity by having to refuse to invest in this deal.”
Following Shark Binh’s decision, Shark Le My Nga pointed out that the perfume industry is a red ocean, highly competitive, and full of challenges. She believed that the company was still in its infancy and unsure of its ability to compete with small and large established brands worldwide, so she also opted out of investing.
While complimenting the scent of Nimai, Shark Minh Beta expressed the difficulty in assessing the company’s value without a physical product and a lack of future projections from the startup.
After three rejections, Shark Tillman Schulz shared, “I think all five Sharks are a little worried. Although there are perfumes that are even more expensive, 170 USD is still quite a high price.” Thus, he also decided not to invest.
As the last Shark to give her opinion, Shark Phi Van, like Shark Minh Beta, enjoyed the fragrance of Nimai. “I think you two can do it, but you came here a little early. Nimai is still in the testing phase. It seems that you need to find a co-founder right now rather than an investor,” Shark Van stated, also opting out of the deal.
With five rejections, the deal concluded without a handshake between the Sharks and Nimai, represented by Miss Thao Nhi Le.
