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Handbag Raincoat Tank Update

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Handbag Raincoat – the Universal Solution for protecting handbags during rainy days. Handbag Raincoat is a completely waterproof plastic cover that is stylish in terms of look and functional in terms of protecting women’s purses.

Handbag Raincoat is adjustable and very convenient as it fits in all types of purses. Handbag founders made it possible to protect your expensive purses from getting wet during a period of rainy climate. Handbags Raincoat has a Velcro opening through which bags can be passed very easily without even getting wet. If we talk in simple terms, it exactly works like umbrellas and normal raincoats which drape rainwater and protect us. Handbag raincoat itself simply drapes over the handbag like a specialty umbrella. Handbags Raincoat is a kind of insurance for your expensive bags at an inexpensive price.

Handbag Raincoat at a Glance:-

IdeaFashionable covering that protects the bag from rain
FoundersMorgan  Sarner and Arley Sarner
Asked For$300,000 for 25%
Accepted DealNo deal
SharksNo Sharks
Business statusOut of Business
Episode No.Season 10, Episode 2
WebsiteHandbag Raincoat
Buy on AmazonBuy Now!

Index:

Who were the founders of Handbags Raincoat?

Morgan and Arley Sarner are the founders of Handbags Raincoat. Morgan and Arley are real sisters. When they visited New York, they hated it as due to heavy rainfall, their fancy Handbags got wet and damaged. Morgan shared that it’s a common problem that is faced by every woman. Arley said that leather purses and handbags are very expensive, and in order to protect them from rain, they try their best to hide it under wearable raincoats and Umbrellas.

In period saving our handbags, we get ourselves soaked. Morgan and Arley decided to find a solution for the same and founded – Handbags Raincoat. Morgan and Arley developed their first prototype when they were in college with the help of Shower Curtain they made their first Handbag raincoat product. After their Graduation, Morgan went to work in the field of production and merchandising at Rebecca  Minkoff for 5 years and used all her knowledge and experience in their business and tried to make it a big success.

Did Handbags Raincoat get a deal on Shark Tank?

Morgan and Arley came on the shark Tank in search of an investment of an amount of $300,000 in exchange for equity of 25% of the business. They delivered their pitch in a rainstorm itself. After they finished, they handed over their sample product to the sharks. During the pitch, they shared that sales for the year 2018 were around $125,000. Lifetime sales are $600,000.

Handbags Raincoat comes in three sizes – Small size, Medium size, and Large size. Morgan shared that they had spent a lump sum amount of money on the marketing sector to expand their business growth. After the wonderful pitch also, No sharks seemed very happy or impressed with the product. Few Sharks loved the product but found it a seasonal product, some didn’t see any scalability in business.

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One common reason which got all sharks out of the pitch was that they all didn’t find it a fruitful business model. Sharks didn’t feel that they would be able to make a good outcome from this business idea. Unfortunately, All Sharks were out and no deal was offered on the show.

What happened to Handbags Raincoat after Shark Tank?

Morgan and Arley had worked hard to save their product patents and spent a huge amount on them. On the show, they were not able to impress any sharks and went out with no deal. After the show, they got a bit attention of from the public but not much traffic seemed on their website. Unfortunately, In December 2019 they shut down their business and went out of the market.

Arley Sarner currently works as Senior Manager in Team Boomer at the Boomer Esiason Foundation. Morgan went back to work with Rebecca Minkoff, where she is a Design assistant. The company was in the market for the last few years, they came on the show in 2018 and by 2019, business was closed.

Handbags Raincoats used to come in three sizes -Small, Medium, and Large. The cost of production for each unit was $1.79. The small one was sold for $5, the Medium for $7, and the Large for $9. The retail price of the same product was  $11, $15, and $20. They had also captured their market in more than 100 Bed Bath and Beyond stores and were trying in Nordstrom’s and The container store. Ask of valuation amount during the pitch was $1,200,000. Due to a lack of public acceptance and positive outcomes in terms of revenue and reviews, the business got shut down.

Handbags Raincoats are stylish and inexpensive products to save your expensive Handbags. After research and investigation, it was found that the women’s mother holds the patent for the product.

Competitors of Handbags Raincoat:-

No alternative products or competitors have been identified. Also, Handbags Raincoat is themselves out of the market.

What is the net worth of Handbags Raincoat?

At the time of Shark tank’s appearance, they were valued at around $1.2 million as per the founders. Unfortunately, Handbags Raincoat got closed in the year 2019.

Is Handbags Raincoat is still in business?

No, Handbags Raincoat went out of business in December 2019. Morgan went back to Rebecca Minkoff where she works as a Design Assistant and Arley went to Team Boomer which is under Boomer Esiason Foundation and is posted as Senior Manager in the team.

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FAQs:

What is Handbag Raincoat?

Handbag Raincoat – the Universal Solution for protecting handbags during rainy days. Handbag Raincoat is a completely waterproof plastic cover that is stylish in terms of look and functional in terms of protecting women’s purses.

Who founded Handbag Raincoat?

Morgan and Arley Sarner are the founders of Handbags Raincoat. Morgan and Arley are real sisters. When they visited New York, they hated it as due to heavy rainfall, their fancy Handbags got wet and damaged.

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