What Happened to Raincoat Handbag After the Shark Tank Pitch?
What is a Raincoat Handbag?
When it rains, a handbag raincoat protects costly handbags from becoming wet. The product costs $20, which is less than the price of the most affordable handbags on the market.
It has a waterproof Velcro hole through which the handbag may pass. Rainwater drapes over the raincoat in the same way as a typical umbrella would, keeping your belongings dry.
Who is the Founder of Raincoat Handbag?
Morgan and Arley Sarner designed the handbag raincoat. The two are sisters who began developing the idea while still in college.
Morgan went on to work for Rebecca Minkoff in production and merchandising after graduating.
She had been there for five years when she and her sister decided to start a business with their handbag raincoat.
During this period, the two were still attempting to bring their product to market with a valid patent.
They had the idea when they were in college. They noticed how difficult it was for females to keep their handbags dry in inclement weather and set out to find a solution.
While still in college, the two sisters made their own handbag raincoat out of a shower curtain.
They noted that the raincoat was quite effective in protecting their handbags, however, they never expounded on the notion at the time.
Morgan’s five-year stay at Rebecca Minkoff provided the two ladies with production and marketing skills, and by the time they reached the Shark Tank stage, they had already created a website and had a product on the market.
The appearance on Shark Tank generated a positive market response by increasing awareness and undeniable interest in the handbag raincoat.
What Happened to Raincoat Handbag at the Shark Tank Pitch?
Morgan and Arley appeared on Shark Tank season 10 episode 2 in quest of $300,000 in exchange for a 25% share in their business. This works out to a $1.2 million valuation.
They make their pitch to the Sharks in the midst of a “rainstorm” onstage, informing them about their business.
When they’re finished, the drenched girls hand out samples.
For $1.79, the product may be manufactured in any size. Small, medium and large sizes are available at wholesale for $5, $7, and $9, respectively, and retail for $11, $15, and $20.
The Handbag Raincoat has so far grossed $125,000 in sales in the year that this promotion has been running (2018). During the company’s three-year history, they had generated $600,000 in gross sales.
The product is currently available in one hundred Bed, Bath, and Beyond stores, as well as an unknown number of Nordstrom and Container Store locations, after passing various test markets.
Over 10,000 copies of the product have been sold, and it has been featured in O Magazine and on The View.
The entrepreneurs admit that they did not invest in marketing because they were embroiled in a legal struggle to prevent two imitators from selling their versions of the product.
For the corporation, the cost of pursuing this was $10,000. They also say that a “big” handbag company has started making a $600 version of “The Handbag Raincoat,” and that they are looking into legal alternatives.
The entrepreneurs claim they’re looking for a shark to help them expand into shoes and other accessories, and they’re willing to go to any extent to succeed.
Mark refuted their assertion, pointing out that they haven’t spent any money on advertising and appear to be waiting for anything to happen to them.
The entrepreneurs emerged from the tank without a deal.
What Happened to Raincoat Handbag After the Shark Tank Pitch?
The five patents for The Handbag Raincoat are owned by Rhonda Collins-Sarner, the Sarner sisters’ mother. The Handbag Raincoat was a labour of love for the entire family.
Rhonda is the president of the corporation, while David is the CEO.
The women have chosen to close the company in December of 2019. Arley is the senior manager of Team Boomer for the Boomer Esiason Foundation.
Morgan works as a Design Assistant for Rebecca Minkoff. There are other items on Amazon that are comparable to the Handbag Raincoat.
What is the Net Worth of Raincoat Handbag?
Morgan and Arley appeared on Shark Tank season 10 episode 2 in quest of $300,000 in exchange for a 25% share in their business. This works out to a $1.2 million valuation.
Who are the Competitors of Raincoat Handbag?
There are no competitors for Raincoat Handbag.
Raincoat Handbag FAQS
What was a Handbag Raincoat?
A Handbag Raincoat is a bag cover, or rain coat, for handbags. Designed by sisters who were in college when they first came up with the idea, this product is beneficial for any female who wishes to protect her handbags from the harsh effects of inclement weather.
What were Handbag Raincoats used for?
Handbag Raincoats can be used to protect handbags that are placed on top of them while they are being transported in the rain.
Who was the founder of Raincoat Handbag?
The Handbag Raincoat was invented by sisters Morgan Sarner and Arley Sarner.
What Happened to Raincoat Handbag at the Shark Tank Pitch?
The sisters appeared on Shark Tank episode 2 in season 10 in quest of $300,000 in exchange for a 25% share in their business. This works out to a $1.2 million valuation.
Did Raincoat Handbag get a deal from the Shark Tank?
No, the sisters did not get a deal on Shark Tank.
How much was Raincoat Handbag cost?
Small, medium, and large sizes were available at wholesale for $5, $7, and $9, respectively, and retail for $11, $15, and $20.
What Happened to Raincoat Handbag After The Shark Tank Pitch?
The sisters have chosen to close the company in December of 2019. Arley is the senior manager of Team Boomer for the Boomer Esiason Foundation.
How Much Money has Raincoat Handbag made So Far?
They are no longer available in the business.
When was Raincoat Handbag aired on Shark Tank?
The sisters appeared on Shark Tank on October, 18th 2018.
What materials was Raincoat Handbag made of?
The waterproof bag is made from a 3-mil vinyl material.
