The Handbag Raincoat Shark Tank Update

What Is The Handbag Raincoat?

The Handbag Raincoat is a waterproof plastic cover that is stylish and functional for protecting women’s purses. You can protect your expensive possessions from getting wet by using a handbag raincoat when raining.

You can purchase The Handbag Raincoat for $20, which is less than the price of the cheapest handbag on the market today.

The Handbag Raincoat Shark Tank Update

It has a water-tight Velcro opening through which the purse can pass without becoming wet. A raincoat drapes over rainwater like a standard umbrella, which keeps your luggage dry.

Company NameThe Handbag Raincoat
EntrepreneurArley Sarner and Morgan Sarner George
Product / BusinessFashionable water-resistant covering for handbags
Investment Asking For$300,000 for 25% equity in The Handbag Raincoat
Final DealNo Deal
SharkNo Shark
Episode Season 10, Episode 2
Business StatusOut Of Business
WebsiteVisit Website

Who Is The Founder Of The Handbag Raincoat?

Morgan and Arley Sarner are the founders of The Handbag Raincoat. Two sisters began developing the idea while still in college. They have continued to do so ever since. She was hired as a production and merchandising assistant by Rebecca Minkoff as soon as she graduated.

She’d been there for five years when she and her sister decided to turn their bag business into a corporation. They were still working hard to bring their idea to market and obtain a formal patent throughout this time.

The concept was known to them when they were in college. The women realized that it was difficult for women to keep their purses dry in inclement weather, and they set out to come up with a solution.

The sisters made raincoats from a shower curtain and a bag when they were in college. Though they did not elaborate on the concept during the observation, they knew that the Raincoat kept their purses dry and dry. The two girls gained product development and marketing experience during Morgan’s five-year tenure at Rebecca Minkoff. 

They had already developed a website and were selling a product by reaching the Shark Tank stage. The Shark Tank appearance resulted in an overwhelming market response by increasing awareness of and undeniable interest in the Raincoat in a handbag.

The Handbag Raincoat Before Shark Tank

The first thing that comes to mind when you hear about a raincoat for purses may be, “Are you kidding me?” Instead, it would be best to say, “What a fantastic concept.”. “How did I not realize that? Maintaining a refined and well-organized appearance is hard enough when the weather is sunny and dry. Unfortunately, when it’s inclement, it’s practically impossible.

Raincoats and high-quality, beautiful umbrellas can protect your expensive clothes and hairstyles, but what about that Coach purse or Louis Vuitton bag you spent your last paycheck on? Morgan Sarner and Arley Sarner were in college when they searched for a creative solution to this problem.

The group experimented with various shapes and fastenings on plastic shower curtains using their own pockets as models, striving for the most aesthetically pleasing, versatile, and customizable product possible.

They wanted to make something functional and available in various sizes and patterns to appeal to a wide range of women’s preferences since most women have more than one pocketbook. She worked for Rebecca Minkoff for five years after graduating from college, helping to refine the product and get a patent.

The polyurethane-based cover is available in three sizes (small, midi, and maxi) and has a variety of printing possibilities. You can choose from clear, opaque black, raindrop, star, jet black, and city slicker. The velcro closure at the top of every Raincoat fits any handle and prevents the Raincoat from leaking.

Their website and Facebook page were built in April 2015, and they competed in Good Morning America’s “Shark Tank Your Life” competition on April 17, 2015. The Handbag Raincoats began to gain popularity and were even featured on the Dr. Oz Show in November 2015 as a product that would be useful for shopping in the rain.

How Was The Shark Tank Pitch Of The Handbag Raincoat?

Morgan and Arley reached Shark Tank seeking an investment of $300,000 in exchange for a 25 percent share in their company. This amounts to a $1.2 million market value for The Handbag Raincoat.

The Handbag Raincoat has generated $600,000 in gross revenues over its three-year existence, representing a 33% increase over the previous year. More than 100 Bed, Bath, and Beyond stores and an unspecified number of Nordstrom and Container Store locations now carry the product, which has been tested on numerous markets.

The entrepreneurs admit not having spent marketing money due to their involvement in a legal battle against two imitators. They claim that they are hoping to expand their business into shoes and other accessories with the help of a shark and are prepared to go to any length to reach their goal.

They claimed Mark had spent no money on promotion and waited until something went wrong before making a move. Mark challenged this contention. The businessman left the Shark Tank without a contract.

Final Deal: No deal between Sharks and The Handbag Raincoat.

What Happened To The Handbag Raincoat After Shark Tank?

The Handbag Raincoat was demonstrated during Kym Douglas’ appearance on Ellen in May 2017. CRfashionbook noticed numerous women wearing the handbag raincoat at Paris Fashion Week Fall last year, which they described as “the rainiest we have seen in years.” This led to the publication of the story mentioned above.

Two photographs of the Raincoat were published in golf fashion week’s January 31, 2018, and in Harper’s Bazaar’s March issue. Oprah declared it on her “A-List” in the March 2018 issue of O Magazine.

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The Handbag Raincoat was featured in an article on NorthJersey on February 9, 2018, as “the entrepreneurs behind the product.” Arley said: “Now you can take control of the rain and never let it get in your way.”.”

The Handbag Raincoat Shark Tank Update

The popularity of The Handbag Raincoat exploded after its appearance on Shark Tank. However, the popularity of The Handbag Raincoat was short-lived.

The Handbag Raincoat Shark Tank Update

The founders of The Handbag Raincoat decided to shut down the business in December 2019.

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Is The Handbag Raincoat Still In Business?

The Handbag Raincoat seems to be out of business as of June 2022. The website of The Handbag Raincoat has been down, and social media has gone dark since November 2018.

What Is the Net Worth Of The Handbag Raincoat?

The valuation of The Handbag Raincoat was $1.2 million when it appeared on Shark Tank. The net worth of The Handbag Raincoat is unknown as of 2022 since the business was shut down in December 2019.

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