What was the outcome of Mavens Creamery’s appearance on Shark Tank Season 10? Sisters Gwen and Christine Nguyen pitched their macaron ice cream sandwich company, Mavens Creamery, on Shark Tank Season 10. They initially asked for $400,000 for 10% equity. While the Sharks enjoyed the product, they were hesitant about the high valuation and thin margins. Barbara Corcoran ultimately offered $400,000 for 25% equity, which the sisters accepted. However, the deal with Barbara Corcoran fell through after the show. Despite this, Mavens Creamery has continued to grow, expanding its distribution and product line.
Summary
- Mavens Creamery, founded by sisters Gwen and Christine Nguyen, appeared on Shark Tank Season 10 seeking an investment to scale their macaron ice cream sandwich business.
- They secured a deal with Barbara Corcoran for $400,000 for 25% equity, but the deal ultimately did not close.
- Despite this, Mavens Creamery has continued to thrive, expanding its distribution to include major retailers like Whole Foods and Kroger.
- The company has also introduced new products, such as ice cream pints, and is exploring international expansion through a franchise model.
- As of January 2023, Mavens Creamery generates $3 million in annual revenue.
Mavens Creamery Shark Tank Update | Shark Tank Season 10
Mavens Creamery, the brainchild of sisters Gwen and Christine Nguyen, is a delightful example of entrepreneurial spirit and delicious innovation.
Their unique macaron ice cream sandwiches have taken the dessert world by storm, capturing the attention of consumers and investors alike.
Their journey, which includes a memorable appearance on Shark Tank Season 10, is a testament to their dedication and the irresistible appeal of their product.
Mavens Creamery on Shark Tank
1. The Pitch
Gwen and Christine Nguyen stepped into the Shark Tank seeking a strategic partner and capital infusion to scale their burgeoning business. Their passion for their product and their impressive sales figures quickly caught the Sharks’ attention.
Here’s a breakdown of their pitch:
| Entrepreneurs | Gwen Nguyen and Christine Nguyen |
|---|---|
| Business | Mavens Creamery – Macaron Ice Cream Sandwiches |
| Ask | $400,000 for 10% equity |
| Deal | $400,000 for 25% equity |
| Sharks | Barbara Corcoran |
| Season – Episode | Season 10 – Episode 19 |
| Original Air Date | April 28, 2019 |
| Website | Mavens Creamery |
| Key Points of Pitch |
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| Why Sharks Accepted |
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2. The Deal
While initially hesitant due to the company’s valuation and profit margins, the Sharks were clearly impressed by the quality of the product and the sisters’ drive.
Barbara Corcoran, recognizing the potential of Mavens Creamery, offered $400,000 for 25% equity.
Gwen and Christine, after a brief deliberation, accepted the offer, securing a deal with a Shark known for her expertise in building successful businesses.
Mavens Creamery After Shark Tank
While the deal with Barbara Corcoran ultimately fell through, Mavens Creamery continued to flourish after their Shark Tank appearance. The exposure and validation they gained from the show helped propel them to new heights.
1. Distribution Expansion
Mavens Creamery significantly expanded its distribution network after appearing on Shark Tank.
They secured partnerships with major retailers like Whole Foods, Kroger, and Albertsons, increasing their reach across the United States.
This wider distribution made their unique macaron ice cream sandwiches accessible to a larger customer base.
2. Product Line Growth
The company didn’t just stop at expanding its reach; they also diversified their product offerings.
In addition to their signature macaron ice cream sandwiches, Mavens Creamery introduced ice cream pints, inspired by the founders’ Vietnamese heritage.
This strategic move catered to a broader range of consumer preferences and further solidified their position in the frozen dessert market.
3. Financial Performance
Despite not finalizing the Shark Tank deal, Mavens Creamery has demonstrated impressive financial growth.
Their annual revenue reached $3 million, a testament to their strong sales and expanding market presence.
This success highlights their ability to effectively manage and grow their business, even without the direct involvement of a Shark investor.
Future Plans
Mavens Creamery has ambitious goals for the future, aiming to bring their unique and delicious treats to an even wider audience. They are actively exploring new avenues for growth and expansion.
1. International Expansion
Mavens Creamery is setting its sights on the global market. They are exploring opportunities to bring their popular macaron ice cream sandwiches and other innovative frozen desserts to consumers around the world.
This international expansion will allow them to share their passion for unique flavor combinations and high-quality ingredients with a diverse customer base.
2. Franchise Model
To facilitate their expansion plans, Mavens Creamery is considering adopting a franchise model.
This strategic move would allow entrepreneurs in different regions to open their own Mavens Creamery locations, leveraging the brand’s established reputation and successful business model.
Franchising would enable rapid growth while maintaining the quality and consistency that customers have come to expect from Mavens Creamery.
FAQs
What are Mavens Creamery’s most popular flavors?
Mavens Creamery offers a wide array of flavors, but some of their most popular include Salted Caramel, Vietnamese Coffee, and Earl Grey Tea. They also offer seasonal and limited-edition flavors, so there’s always something new to try!
Where can I buy Mavens Creamery products?
Mavens Creamery products can be found in select grocery stores across the United States, including Whole Foods, Kroger, and Albertsons. You can also order their products online through their website for nationwide delivery.
Are Mavens Creamery products gluten-free?
While their macaron shells contain almond flour, which is naturally gluten-free, Mavens Creamery does not currently offer a certified gluten-free product line. They are exploring gluten-free options for the future.
Does Mavens Creamery offer catering services?
Yes, Mavens Creamery offers catering services for special events and corporate gatherings. Their unique and delicious ice cream sandwiches are sure to impress your guests!
How can I stay updated on new Mavens Creamery products and promotions?
You can follow Mavens Creamery on social media platforms like Facebook and Instagram to stay informed about their latest offerings and promotions. You can also sign up for their email newsletter on their website.
The Bottom Line
Mavens Creamery’s journey is a testament to the power of passion, innovation, and perseverance. From their humble beginnings in a garage to their national success, Gwen and Christine Nguyen have built a brand that stands for quality, creativity, and deliciousness.
While their Shark Tank deal didn’t come to fruition, it served as a springboard for even greater achievements. With their sights set on international expansion and a franchise model, Mavens Creamery is poised for continued growth and success in the years to come.
