The Handbag Raincoat Shark Tank Update – Shark Tank Season 10
Morgan and Arley Sarner seek investment for The Handbag Raincoat, their protective cover for designer handbags, on Shark Tank Season 10.
Morgan and Arley Sarner seek a partner for the Handbag Raincoat, their protection solution for fancy handbags, in Shark Tank Season 10 Episode 5.
Check out other Shark Tank Season 10 Episodes.
About The Handbag Raincoat
| Category | Details |
|---|---|
| Business Name | The Handbag Raincoat |
| Founders | Morgan and Arley Sarner |
| Industry | Fashion Accessories |
| Product | Waterproof cover for handbags |
| Deal Status | No Deal |
| Investment Asked | $300,000 for 25% equity |
| Valuation | $1,200,000 |
The two frequent New York City visitors, sisters, and handbag aficionados, HATED when it rained on their fancy handbags. With leather handbags that cost thousands of dollars, they’d often wrap them in their raincoats, hide them under their umbrellas, and get themselves soaked in the process.
Unfortunately, handbags still get damaged. Their solution was to have “rainy day” handbags—handbags that were already rain-damaged—for inclement weather.
Anyone who lives in the northeast knows that the weather is unpredictable, so even good planning wouldn’t protect their precious handbags. The gals also noticed many other women had the same problem. The solution: the handbag raincoat.
The sisters made their first prototype with an old shower curtain while still in college. They wanted the Handbag Raincoat to fit any handbag, a universal solution. After graduating, Morgan worked in production and merchandising at Rebecca Minkoff for five years. She learned a lot and applied that knowledge to their new business.
The Handbag Raincoat has a Velcro, waterproof slot that lets the handle slide through. The raincoat itself drapes over the handbag like a specialty umbrella. At only $20 each, it’s stylish and inexpensive, especially compared to a $3000 Louis Vuitton bag!
The sisters generated a lot of buzz at Paris Fashion Week in the fall of 2017, which resulted in appearances on the Today Show, Ellen, and Oprah, and many mentions in fashion publications. They struck a chord with their stylish solution to a regular old plastic bag. They hope a Shark will join them in their quest to protect handbags everywhere.
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The Handbag Raincoat Shark Tank Recap
Morgan and Arley enter the Shark Tank seeking $300,000 for 25% of their business. They give their pitch in a “rain storm” onstage, telling the Sharks about their business. When finished, the very wet girls hand out samples. Sales for the year (2018) so far are $125,000. Lifetime sales are $600,000. They cost $1.79 to make and wholesale for $5 for the small, $7 for the medium, and $9 for the large.
Retail prices are $11, $15, and $20. They are in about 100 Bed Bath & Beyond Stores, and they’re testing in Nordstrom and The Container Store. They claim they haven’t spent money on marketing because they’ve spent money on legal fees protecting their patents.
Did The Handbag Raincoat Get a Deal on Shark Tank?
No, it didn’t. The Sharks universally thought it would be too hard to get their investment back, so they all went out.
The Handbag Raincoat Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. With a little sleuthing, I found that the woman’s mother actually holds the patents to this product. However, I could not find any evidence of a patent lawsuit.
The women closed the business in December 2019. Arley is now the senior manager of Team Boomer at the Boomer Esiason Foundation, and Morgan is a Design Assistant at Rebecca Minkoff. On Amazon, there are many products similar to the Handbag Raincoat.
Posts about The Handbag Raincoat on Shark Tank Blog
Handbag Rain Coat – Protecting the Purse
Where Can You Buy It?
Currently, The Handbag Raincoat products are not available for purchase as the company is out of business. Check out their social media pages for earlier updates: Facebook and Twitter.
Quick Summary
- Morgan and Arley Sarner pitch The Handbag Raincoat, a waterproof cover for handbags, on Shark Tank.
- The product, made from waterproof material with a velcro slot for handles, retails for $11-$20 and has lifetime sales of $600,000.
- Despite interest, the Sharks decline to invest, and the business closes in 2019.
Curious to know about more products from this episode? Check out other businesses that participated alongside The Handbag Raincoat.
