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 Shark Tank Updates
The Handbag Raincoat is a universal protective cover for handbags that was introduced by entrepreneurial sisters Morgan and Arley Sarner in Shark Tank episode 1006. The sisters sought a partner for their business and asked for $300,000 for 25% of their business.
However, the Sharks did not invest in their business, and they left without a deal. The Handbag Raincoat was valued at $1.2 million when it appeared on Shark Tank. The company had lifetime sales of $600,000, with $125,000 in sales in 2018.
After the episode aired, the Handbag Raincoat company’s website no longer existed, and its social media platforms have been inactive for many years. This suggests that the company has failed, and there is no update on the company’s net worth as of 2023.
However, the Handbag Raincoat was demonstrated during Kym Douglas’ appearance on Ellen in May 2017, and numerous women were seen wearing the Handbag Raincoat at Paris Fashion Week Fall in 2017.
Raincoat Handbag Shark Tank Summary:
|RAINCOAT HANDBAG INFORMATION
|What is Raincoat Handbag?
|A product designed to protect handbags from getting wet during rainy weather
|Who founded Raincoat Handbag?
|Morgan and Arley Sarner
|Shark Tank Pitch
|Seeking $300,000 for a 25% stake, resulting in a $1.2 million valuation
|$125,000 in 2018, $600,000 in gross sales over three years
|Shark Tank Outcome
|No investment offer was made
|Unknown as of 2023
|The company was closed in December 2019
Raincoat Handbag FAQS
What Is Raincoat Handbag And How Does It Work?
The Handbag Raincoat is a polyurethane-based cover that comes in three sizes (mini, midi, and maxi) and different print options (clear, jet black, raindrop, star print with extra exterior pocket, and city slicker), with a Velcro top that accommodates any handle.
It is designed to protect handbags from rain and other elements, and it is easy to use. The Handbag Raincoat slips over the straps and bag, then seals close around the straps via a Velcro tab.
The Velcro closure gives you access to the contents of any top-opening bag whenever you want and lets you grab the straps, or hook them over a shoulder if they’re long enough. The bottom of the “raincoat” is open (just like with people raincoats).
Once out of the wet, just wipe the cover dry, pull it off, and stash it in the included raindrop-print carry pouch. The Handbag Raincoat won’t protect bigger bags, and the Velcro top closure means water could seep in if the weather is really aggressive.
The product was demonstrated during Kym Douglas’ appearance on Ellen in May 2017, and it has become a must-have accessory for fashion-forward women looking for similar products.
Who Founded Raincoat Handbag?
The handbag raincoat was created by Morgan and Arley Sarner.
What Was The Outcome Of Raincoat Handbag Shark Tank Pitch?
The Handbag Raincoat founders, Morgan and Arley Sarner, appeared on Shark Tank in season 10, seeking an investment of $300,000 in exchange for a 25% share in their company, which was valued at $1.2 million.
However, none of the Sharks made a deal with them, and the Handbag Raincoat company could not secure an investment from the show. After the episode aired, the company’s website no longer existed, and its social media platforms have been inactive for many years.
This suggests that the company has failed, and unfortunately, there is no further update on the outcome of the Handbag Raincoat Shark Tank pitch.
Did The Handbag Raincoat Receive An Investment On Shark Tank?
The Handbag Raincoat entrepreneurs, Morgan and Arley Sarner, appeared on Shark Tank seeking an investment of $300,000 in exchange for a 25 percent share in their company, which was valued at $1.2 million.
Unfortunately, the Sharks did not make a deal with them, and the company could not secure funding from other sources. After the episode aired, the Handbag Raincoat company’s website no longer existed, and their social media platforms have been inactive for many years.
This suggests that the company has failed, and there is no evidence that they received an investment on Shark Tank.
What Happened To Handbag Raincoat After Shark Tank?
The Handbag Raincoat company did not secure a deal from the Sharks on Shark Tank. After the episode aired, their website no longer existed, and their social media platforms have been inactive for many years.
This suggests that the company has failed and unfortunately, this will likely be the final update on the Handbag Raincoat. However, the product gained popularity and became a must-have accessory for fashion-forward women looking to protect their handbags from the rain.
The Handbag Raincoat was demonstrated during Kym Douglas’ appearance on Ellen in May 2017, and numerous women were seen wearing the handbag raincoat at Paris Fashion Week Fall that year.
The product was also featured in an article on NorthJersey in February 2018. Despite the company’s failure, the Handbag Raincoat remains a useful and innovative product for protecting handbags from the rain.
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.
Is Raincoat Handbag still in business?
The company was shut down in December 2019.
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.