Stephen Hersh hopes to bag an investment for Biaggi, his line of luggage that folds for easy storage, in episode 613. Hersh is no stranger to the luggage business: he's the son of Ron Hersh, former president of Rosetti Handbags and Accessories, which was sold to Li & Fung for $162 million in 2006. Biaggi launched as a brand at the Travel Goods Show in Las Vegas in March, 2012. The company team reads like a who's who in the luggage and high-end retail world.
Biaggi has an entire line of folding luggage. Their “flagship” product is a folding, four-wheeled carry-on bag that stores easily under a hotel room bed and takes up less space in your closet at home. It's been voted “best business traveler luggage” by a host of media publications including USA Today and The Huffington Post.
Hersh could be looking for a Shark to help accelerate the growth of Zipsak with more retail distribution. Will Mr. Herch bag a deal with a Shark?
Biaggi Shark Tank Recap
Stephen opens with an at home segment. When he enters the Tank, he asks for $500,000 for 30% of his company. He demonstrates the bags and the Zipsak. Stephen's done $2.5 million in 2 years, but he hit “pause” on sales because he wanted to work on educating the consumer.
When he reveals he invested $3.5 million in the business, the Sharks are taken aback. Stephen explains about his father's business. He makes the Biaggi bag for $62, wholesales it for $124, and retails for $169. He reveals he had to educate the consumer and the retailers to sell it properly.
Mark likes his honesty, but he's out. Robert has a problem with the consumer education issue and he's out. Kevin thinks consumer education is an issue too, he's out. Daymond offers $500K for 33% and gives him twenty seconds to decide. As Daymond counts down, Lori starts talking and they go to a commercial.
After the break, Lori offers $500K for 33% and says she wants to rename the product. Daymond and Lori argue a bit and Stephen asks to step out. While he's in the hall, he explains the offer to his dad. Lori and Daymond talk about their luggage businesses while Stephen is in the hall. Stephen steps back in and Daymond asks what his next plan of action. Stephen says he wants to go with TV sales and Daymond steps out. Stephen accepts Lori's offer.
RESULT: DEAL with Lori for $500K for 33%.