Crowned Skin founder Darrell Spencer walked away from “Shark Tank” with a deal from investor Rashaun Williams, but his ambitions extend far beyond television: to establish a global fragrance-first men’s personal care staple.
In a men’s personal care market that’s expanding but still lacks a deep bench of breakout brands, Crowned Skin is making a bid for that position. The company has generated more than $30 million in revenue since its March 2024 launch and was the No. 2 men’s personal care brand on TikTok Shop last year, according to Spencer. Crowned Skin has a team of 15 to 20 employees.
When Spencer filmed his “Shark Tank” appearance in June, the business was on track to reach about $14 million in annual sales. He ultimately secured a $500,000 investment from Williams, CIO of Harbinger Sports Partners, during the episode that aired Wednesday for a 10% stake, valuing Crowned Skin at $5 million versus the $10 million it had been seeking, along with a $1 royalty per unit until the investor recoups $1 million.
“That was my opportunity to show the world what I built and why men need Crowned Skin,” Spencer tells Beauty Independent of “Shark Tank.” “Women have amazing, innovative products in personal care, but men’s products have been dull. My goal is to shake up the category with products that make men feel amazing and confident.”
He adds, “My biggest takeaway from ‘Shark Tank’ was to operate your company as if you were to exit tomorrow. Know your numbers. Be very close to your accounting team and understand where you are efficient and where you’re not. Identify profitability leaks and understand your org structure.”
Crowned Skin’s sales are roughly 60% direct-to-consumer and 40% Amazon. The brand sells $39.99 cologne body butter and $31.99 body oil in five varieties—King, Prince, Reign, Monarch and Empire—with its original two scents, King, a mandarin, patchouli, vanilla and musk blend, and Reign, a fresh, nautical fragrance, as its bestsellers.
“We are the modern-day, sexier version of Axe.”
“These are irresistible fragrances,” says Spencer. “We are the modern-day, sexier version of Axe.”
Profitability was a point of concern for “Shark Tank” investors. On the show, Spencer revealed Crowned Skin’s products have a landed cost of about $5, but the business was operating at a net margin of 3% to 5% due to heavy spending on customer acquisition and fulfillment. That implied net income of around $500,000 on projected 2025 revenue.
Interviewed by Beauty Independent on Tuesday, Spencer suggested Crowned Skin’s profitability has improved, with earnings before interest, taxes, depreciation and amortization (EBITDA) now in the 15% to 20% range as the brand optimizes shipping, marketing efficiency and channel mix. Its gross margin is approximately 60%.
Crowned Skin dedicates 30% to 35% of revenue to marketing and advertising across Google, Meta, Snapchat, Amazon and TikTok Shop. Spencer highlights TikTok Shop as a particularly profitable channel, noting Crowned Skin relies less on flash sales than many competitors. The brand has a network of 10,000 TikTok Shop affiliates and partners with affiliate platform Euka to manage them.
Crowned Skin’s pricing allows it to span retailers from mass to prestige, and Spencer envisions it entering chains such as Macy’s, Nordstrom and Target. To support retail expansion, Crowned Skin is evaluating funding options following its “Shark Tank” appearance. The brand has hired Michael Toure, founder and CEO of Toure Capital, to advise on fundraising. Toure recently worked with Dossier, which agreed to sell a majority stake to private equity firm American Pacific Group.
Spencer, 29, previously worked in media sales at Meta, LinkedIn, Google and Pinterest. He developed Crowned Skin after questioning why consumers had to apply lotion, body butter and cologne separately to achieve both skincare benefits and scent. His answer was body butter colognes, and he invested $10,000 to launch Crowned Skin with them.
“Operate your company as if you were to exit tomorrow.”
It didn’t hurt that both men’s skincare and fragrance are growing categories. The men’s skincare market is projected to expand at a 5.1% annual rate, from about $17.6 billion in 2024 to nearly $29 billion by 2034, according to Market.us. Research and Markets estimates the men’s fragrance segment will grow at a similar pace globally, from $34 billion in 2024 to almost $46 billion by 2030.
“Men’s personal care is still an untapped market. You have companies like Dr. Squatch showing it’s up-and-coming, but we need more strong players,” says Spencer. “It’s about understanding your customer and making men feel seen.”
Crowned Skin’s core audience is Black men ages 19 to 34. Spencer describes them as a mix of entry-level consumers trading up from mass brands like Old Spice and more sophisticated fragrance users with products from Paco Rabanne, Le Labo and Maison Francis Kurkdjian in their rotation.
Spencer isn’t an entrepreneurial neophyte. Prior to Crowned Skin, he founded men’s bonnets brand Kings Crowning and operated it from 2021 to 2023. He says the brand struggled with knockoffs priced at a fraction of its products, reinforcing the importance of differentiated branding.
“Your brand is everything,” he says. “If you can create a community that resonates with your brand, you’ve won half the battle.”
