Omar Mian, the founder of Potion Paris, had a whirlwind journey
on the BBC's popular show Dragons' Den. Appearing in 2022 with partners Astyn and Suzanne, the trio aimed to secure £50,000 for just 6% equity in their revolutionary toxin and cruelty-free fragrance brand. What they left with, however, was a bid from seasoned dragons Peter Jones and Steven Bartlett, who shocked the entrepreneurs with a joint offer for 20% equity—a far larger share than they intended to relinquish.
Now, over two years later, Potion Paris is valued at an impressive £3,250,000. Despite not finalizing any deal with the Dragons, the company has experienced a remarkable growth trajectory, fueled in part by the exposure from the show. Reflecting on their experience, Mian admitted that going on Dragons' Den was a risky venture. “As great of a show as it is, it can go one of two ways. It depends on how you catch the Dragons on the day,” he told Metro. “If they don’t like you, they can tear you apart on TV, so it’s a risk.”
The trio's experience in the Den was different than they had envisioned. Although confident about their product, fears surfaced once the cameras rolled. Mian explained, “There’s a lot of elements that aren’t really natural like in a natural investment scenario.” The pressure intensified as they realized they had to recall critical numbers without the aid of their laptops. The daunting atmosphere left Astyn apprehensive, admitting that the entire process felt “really daunting.”
As they prepared to go in front of the Dragons, Mian recalls, “When the lift doors closed, there was a moment of panic... you almost want to say, ‘Just open the door because I need to breathe.’” Their actual pitch revealed a surprising side of the investors, which diverged from their television personas. Astyn remarked, “You think of them to be exactly as they’re portrayed on the show, but they’re not at all.” She noted Deborah Meaden’s gentler demeanor, a contrast to her fierce television image.
Even after leaving the Den with offers that seemed promising, Mian and his team encountered frustration in the post-show process. “What you learn quite quickly is that you don’t speak to the Dragons,” he shared. “We were under the impression that we’d be working closely with Peter and Steven.” Instead, they dealt with investment teams rather than the Dragons themselves, which fostered feelings of being misled.
Despite these challenges, the team’s entrepreneurial spirit led them to seek funding elsewhere. “We realized that giving away 20% was a large portion of our business,” Mian reflected. Their valuation skyrocketed due in part to a repeat airing of their show and a stellar product launch on QVC, where Potion Paris became the fastest-selling fragrance brand, selling out in mere seconds.
The acclaim and recognition from being on Dragons' Den brought them immense joy, as Mian expressed, “When the episode went live, there were hundreds of thousands of people on the website, orders were just churning out.” This success was a turning point, and even after realizing that mentorship from the Dragons wasn’t as accessible as they’d hoped, Mian believes the exposure was worth it.
“Dragons’ Den has definitely added value,” he stated, emphasizing that it’s the platform and recognition that enrich their brand. While he acknowledged that the mentorship might not be what many expect, he explained, “It will give you a platform. If you come out on the good side, you’ll have an accolade which stays with you forever.”
Reflecting on his entrepreneurial journey, Mian shared that it all began after a devastating phase in his life, where he lost everything from a luxury self-catering apartment business in Dubai. “I had to come back to the UK almost with my tail between my legs,” he recalled. This setback, however, fueled his desire to innovate in the fragrance market, convincing him to invest everything he had in Potion Paris. “Everybody thought I was crazy, but I believed in what we could achieve,” he added.
Looking ahead, both Mian and his partners remain optimistic. They advise fellow entrepreneurs to take risks, stating, “If you get the chance, do it. Yes, it’s a risk... but if it goes well, the exposure is priceless.” Their journey exemplifies the dynamic nature of entrepreneurship and the unpredictable paths it often takes. Potion Paris stands as a testament to their relentless pursuit of success, proving that sometimes the risk of going on a show like Dragons' Den may lead to unparalleled opportunities.
