Raincoat Handbag Net Worth
The Handbag Raincoat appeared on Shark Tank with a valuation of $1.2 million. As of 2022, the founders have a net worth of $1 million. The company was seeking $300,000 for a 25% stake in their company.
What is Raincoat Handbag and Who Founded Raincoat Handbag?
Raincoat Handbag is a product designed to protect handbags from getting wet during rainy weather. The product is priced at $20, which is relatively affordable compared to most purses on the market.
It features a watertight Velcro hole that enables the handbag to pass through, allowing rainwater to drape over the raincoat like a regular umbrella, leaving the bag dry.
The concept of the Handbag Raincoat was developed by two sisters, Morgan and Arley Sarner, while they were still in college. The sisters noticed the difficulty women faced in keeping their purses dry in wet weather and sought a solution.
They created their first handbag raincoat out of a shower curtain and found that it was highly effective in protecting their bags.
After Morgan graduated, she obtained a job in production and merchandising at Rebecca Minkoff, where she worked for five years. During this time, the sisters continued to work on their invention and obtain a legal patent.
They eventually turned their handbag raincoat into a company, using the production and marketing knowledge that Morgan gained from her time at Rebecca Minkoff.
By the time the sisters appeared on Shark Tank, they had already established a website and had their product on the market. Their appearance on the show generated a positive market response, raising awareness and interest in the handbag raincoat.
Raincoat Handbag Shark Tank Pitch
During their appearance on Shark Tank Season 10 Episode 2, Morgan and Arley pitched their company, Raincoat Handbag, and sought $300,000 for a 25% stake, resulting in a $1.2 million valuation.
They presented their product, the Handbag Raincoat, which is designed to protect handbags from getting wet in the rain, and distributed samples to the Sharks.
The product comes in various sizes and retails for $11-$20. The Handbag Raincoat made $125,000 in sales in 2018 and produced $600,000 in gross sales over three years.
The product was available at one hundred Bed, Bath, and Beyond stores, as well as an unknown number of Nordstrom and Container Store locations. It was also featured in O Magazine and on The View, with over 10,000 units sold.
The entrepreneurs did not spend any money on marketing due to a legal battle against two imitators, which cost the company $10,000.
They claimed that a major handbag company had started producing a $600 version of their product, and they were investigating their legal options. The sisters hoped to expand their business into shoes and accessories with the help of a Shark.
However, Mark criticized their lack of marketing efforts and their wait-and-see approach. Despite their presentation, the sisters did not receive an investment offer from the Sharks and left the show without a contract.
Rhonda Collins-Sarner, the mother of the Sarner sisters, owned the five patents for The Handbag Raincoat and was the company’s president, while David was the CEO.
In December 2019, the sisters decided to close the company. Arley is currently a senior manager at the Boomer Esiason Foundation’s Team Boomer, while Morgan works as a design assistant at Rebecca Minkoff. Products similar to the Handbag Raincoat are available on Amazon.
Raincoat Handbag Net Worth
Morgan and Arley appear on Shark Tank season 10 episode 2 in search of $300,000 for a 25% stake in their company. This equates to a $1.2 million valuation.
Raincoat Handbag Competitors?
There is no competitor identified for Raincoat Handbag.
Raincoat Handbag FAQS
What is Raincoat Handbag?
The handbag raincoat is a product that prevents valuable handbags from being wet when it rains. The product retails for $20, which is less than the price of the cheapest purses on the market.
It contains a watertight Velcro hole that allows the handbag to pass through. Rainwater drapes over the raincoat, exactly like a regular umbrella, leaving their luggage dry.
Who Founded Raincoat Handbag?
The handbag raincoat was created by Morgan and Arley Sarner.
How much was they asking in the Shark Tank?
The entrepreneurs appear on Shark Tank in search of $300,000 for a 25% stake in their company. This equates to a $1.2 million valuation.
Did they get the deal from the Shark Tank?
The entrepreneurs exited the tank with no contract from the Sharks.
Is Raincoat Handbag still in business?
The company was shut down in December 2019.
What Happened to Raincoat Handbag Company?
The women decided to end the firm in December of 2019. Arley is currently the Boomer Esiason Foundation’s senior manager of Team Boomer.
Morgan is a Rebecca Minkoff Design Assistant. Amazon has a plethora of goods that are similar to the Handbag Raincoat.
Who were manufacturing the Handbag Raincoat?
Morgan and Arley Sarner, two Norwood locals and sisters, are the founders of The Handbag Raincoat, a trendy method to keep them purse clean and dry.
When was Raincoat Handbag aired on Shark Tank?
The sisters appeared on Shark Tank on October, 18th 2018.
What episode was Raincoat Handbag featured?
The entrepreneurs appear on Shark Tank Season 10 Episode 2.
Where can they buy Raincoat Handbag?
The business is no longer in operations.
What was costs of Raincoat Handbag?
The product were made in all sizes for $1.79. Small, medium, and large sizes sell for $5, $7, and $9 at wholesale and retail for $11, $15, and $20, respectively.
What was sales for Raincoat Handbag?
The Handbag Raincoat has so far made $125,000 in sales in the year that this episode aired (2018). They have produced $600,000 in gross sales during the course of the company’s three-year existence
What materials was Raincoat Handbag made of?
The waterproof bag is made from a 3-mil vinyl material.
What is net worth of Morgan George?
Morgan George’s net worth is unavailable.
What is net worth of Arley Sarner?
Arley Sarner’s net worth is unavailable.
