Shark Tank episode 1006 featured Morgan and Arley Sarner, who are searching for a partner for the Handbag Raincoat, a protective solution for high-end handbags.
These two sisters, who frequently traveled to New York City and collected handbags, were enraged whenever it rained on their expensive purses.
These women often covered their expensive leather handbags with raincoats and hid them underneath umbrellas to keep them dry. They got soaked in the process.
Unfortunately, several handbags were still ruined after all was said and done. They came up with the idea of having “rainy day” handbags – handbags that had previously been damaged by rain – for when the weather became bad.
People in the northeast know that the weather can be unreliable and that even the best-laid plans do not guarantee that their precious handbags will be preserved.
The ladies also discovered that many other women were experiencing the same issue. It is possible to solve this problem using the Handbag Raincoat.
When they were still in college, the sisters used an old shower curtain as their prototype. They desired a raincoat that could be worn with any handbag, making it a versatile option.
Morgan worked in product production and merchandising at Rebecca Minkoff for five years after graduating. It was an excellent opportunity for her to gain valuable experience and apply it to the new business.
Handbag Raincoats have a waterproof slot with velcro that allows the handle to slide through. The bag simply drapes over it like an umbrella for special occasions.
The bags cost under $20 each, making them fashionable and affordable, especially when compared to a $3000 Louis Vitton bag!
The sisters appeared today, ellen and Oprah, in the fall of 2017 following their presentation at Paris Fashion Week. They also received frequent mentions in fashion publications.
They struck a nerve with a fashionable alternative to the standard plastic bag design. As part of their mission to protect handbags worldwide, they hope a Shark may wish to join them.
What Is The Handbag Raincoat?
The Handbag Raincoat is a waterproof plastic cover that is stylish and functional for protecting women’s purses.
It is possible to 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.
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 does, which keeps your luggage dry.
|Company Name||The Handbag Raincoat|
|Entrepreneur||Arley Sarner and Morgan Sarner George|
|Product / Business||Fashionable water-resistant covering for handbags|
|Investment Asking For||$300,000 for 25% equity in The Handbag Raincoat|
|Final Deal||No Deal|
|Episode||Season 10 Episode 2|
|Business Status||Out Of Business|
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.
When she and her sister decided to turn their bag business into a corporation, she’d been there for five years.
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.
When the sisters were in college, they made their raincoats from a shower curtain and a bag.
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 had the opportunity to gain 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 your mind when you hear about a raincoat for purses maybe, “Are you kidding me?” Instead, you should say, “What a fantastic concept.”. “How did I not realize that?”.”
It’s hard enough to maintain a refined and well-organized appearance 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 a variety of 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. A 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.
When the Sharks are onstage, they inform them about their firm during a “rainstorm” on stage, where they also present to them.
The dripping wet females hand out samples to the crowd when they’re finished. For $1.79, the product can be manufactured in any size.
Three sizes are available: small, medium, and large, respectively, at wholesale, and for $11, $15, and $20, respectively, at retail.
The Handbag Raincoat has generated $125,000 in sales so far in the year that this promotion was shown (2018).
The company has generated $600,000 in gross revenues over its three-year existence, which represents 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.
There have been articles about the product in O Magazine and on The View, and over 10,000 copies have been sold.
The entrepreneurs admit not to have spent any marketing money due to their involvement in a legal battle against two imitators.
The corporation had a $10,000 expense as a result of pursuing this. They also say that a “big” handbag company has begun manufacturing a $600 version of “The Handbag Raincoat,” They are currently researching their legal options on the matter.
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 instead had waited until something went wrong before making a move. Mark challenged this contention.
The businesspeople were escorted out of the tank without a contract.
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.
There were two photographs of the Raincoat published in golf fashion week’s January 31, 2018, and Harper’s Bazaar’s March issue. Oprah declared it to be on her “A-List” in the March 2018 issue of O Magazine.
The Handbag Raincoat was featured in an article on NorthJersey on February 9, 2018, as “the entrepreneurs behind the product.”
Arley was quoted as saying: “Now you can take control of the rain and never let it get in your way.”.”
The Handbag Raincoat Shark Tank Update
I found out the patents for The Handbag Raincoat belong to the woman’s mother after doing some investigation.
However, I could not find any evidence that a patent infringement lawsuit has been filed.
The women decided to close The Handbag Raincoat firm in December of this year. The Boomer Esiason Foundation, where Arley previously worked, assigned him the position of senior manager for Team Boomer.
Morgan works as a Design Assistant for the Rebecca Minkoff fashion house. There are many items on Amazon that can be compared to the HandBag Raincoat.
Is The Handbag Raincoat Still In Business?
The Handbag Raincoat seems to be out of business as of April 2022. Their website has been down and social media has gone dark since November 2018.