The Handbag Raincoat

Summary

SEASON 10 EPISODE 5

PITCH

fashionable covering that protects bags from the rain

ENTREPRENEUR

Morgan Sarner George and Arley Sarner

ASKED FOR

$300,000 for 25%

GOT

NO DEAL

SHARK

NO SHARK

STATUS

OUT OF BUSINESS

Company Background

What is The Handbag Raincoat?

The handbag raincoat is a product that helps preserve precious handbags from getting wet when it rains. The product to goes for $20 dollars at retail price, which is cheaper than the cheapest handbags in the market. It has a velcro waterproof opening that allows the handbag to go through. Just like a normal umbrella rain water drapes over over the raincoat leaving your bag just as dry.

Who Founded The Handbag Raincoat?

Morgan and Arley Sarner are the co-founders of the handbag raincoat. The two are sisters and they began working on the idea while still in college. Upon graduation, Morgan got a job at Rebecca Minkoff in production and merchandising. She worked there for five years until she and her sister decided to transform their handbag raincoat into a business venture. During this period, the two were still working on getting their product into the market with proper patent.

Founder’s Story

The idea came about when they were in college. They realized the struggle women went through to keep their handbags dry in rainy weather and sought a solution to the problem. While still in college, the two sisters made their own handbag raincoat from a shower curtain. Even though they never expanded on the idea at that point, they realized that the raincoat was quite effective in protecting their handbags.

Morgan’s five year experience at Rebecca Minkoff provided the two girls with insight on production and marketing; and by the time they reached the Shark Tank stage the two had already created a website and their product was already in the market. Being at the Shark Tank sparked a positive response from the market by creating awareness and undeniable interest in the handbag raincoat.

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