Lê Thảo Nhi is known as the first runner-up of Miss Universe Vietnam 2022, as well as a content creator, a fashion and lifestyle influencer, and a beautiful businesswoman. 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 heritage in the fragrance industry. He is the seventh-generation heir to the family company.
Nimai was established in 2023 with an investment of 300,000 USD. Thảo Nhi shared that the team spent over six months crafting a unique fragrance derived from the Centifolia rose, the most expensive rose in the perfume industry.
The anticipated selling price is 170 USD (approximately 4-5 million VND), with a profit margin of 70 USD, equivalent to 41%. The first-year plan involves producing 2,000 bottles, with 1,500 bottles to be sold 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 the Shark, Thảo Nhi asserted 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 serves as a symbol of their affordability.
However, Shark Minh Beta remained skeptical, pointing out the existence of countless competitors, some with longstanding reputations in the market.
Thảo Nhi responded that it depended on emotions: “Just like buying clothes, I don’t only buy from one brand. I always change my dressing style and even my personal preferences. 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.”
Showing keen interest in Nimai, Shark Tillman Schulz shared: “Thảo Nhi has nearly a million followers, and Romain Leclef’s company has a 200-year heritage. In business, 80% depends on networking, so take advantage of that.”
However, Founder Thảo Nhi Lê expressed her desire to first prove herself in the market before presenting a product. She wanted to test the product herself and then introduce it everywhere.
Miss Thảo Nhi Lê Fails to Convince the Sharks
As the startup had not yet launched a specific product, and Shark Bình also admitted to not understanding the perfume industry well, he decided against investing but expressed his admiration for the founders’ journey: “I think I will miss a great opportunity by refusing to invest in this deal.”
Following Shark Bình’s decision, Shark Lê Mỹ Nga described the perfume industry as a red ocean, highly competitive, and full of challenges. She believed that the company was still in its infancy and might struggle to compete with small and large brands worldwide. Thus, 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 an existing product, and the startup did not provide any future projections.
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 high.” Thus, he, too, decided not to invest.
As the last Shark to give her opinion, Shark Phi Vân, like Shark Minh Beta, enjoyed the fragrance of Nimai. “I think you can do it,” she said. “You came here a little early; Nimai is still in the testing phase. Right now, you might need to find a co-founder more than an investor.” Shark Vân concluded her thoughts and also chose not to invest.
With five rejections, the deal was closed without a handshake between the Sharks and Nimai, represented by Miss Thảo Nhi Lê.
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Miss Thao Nhi Le, the runner-up of a renowned beauty pageant, surprised the five Sharks as she pitched for funding as the founder of Nimai – an exquisite niche fragrance brand. With its unique and rare scents, this exquisite fragrance brand is set to captivate the Vietnamese market. Crafted with care and produced in France, each fragrance in the Nimai collection is a limited edition, offering a distinctive and singular olfactory experience.
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