Anyone who owns suitcases knows the hassle of storing them, because they take up so much space! That’s why Stephen Hersh wanted to come up with a luggage solution that didn’t include bulky suitcases. His foldable luggage is compact and can be stored almost anywhere. Will the sharks offer him a deal on
Shark Tank Biaggi Update
- Entrepreneurs: Stephen Hersh
- Business: Foldable luggage
- Ask: $500,000 for 30% equity
- Result: $500,000 for 33% equity
- Sharks: Lori Greiner
Stephen brought his impressive collection of foldable Biaggi luggage into the tank. His suitcases and bags are so compact that they can be folded flat and stored under the bed or on a shelf. Whether you live in a house, condo or an apartment, luggage storage is no longer a problem!
Dimensions: 21"x14"x10" and only 5.5 lbs! 34" from the floor to the top of the fully extended trolley handle. Folds into a 14"x10"x6" pouch for easy storage on a shelf, or in a drawer. Easy-access padded laptop pocket pocket, can fit any sized laptop or tablet.
He admitted that he initially bought too much inventory for his company’s luggage products, but he still managed to secure more than $2.5 million in gross revenue sales over a two-year period since the company’s launch. While the sales numbers were slightly impressive, the sharks were concerned with the manufacturing pause that Stephen took during the most recent year before appearing on
Stephen told the sharks that an average luggage bag costs about $60 dollars to manufacture within the United States and retails for $269.00. He can wholesale the product for a little over $124.00 as well, which offers him a somewhat reasonable margin.
Mark Cuban was the first shark to go out, stating it wasn’t a business he wanted to be in. Robert Herjavec believed there was too much competition, so he went out next. Kevin O’Leary went out for the same reason as Robert. Daymond John was interested, and offered Stephen $500,000 for 33% equity.
Lori Greiner made an identical offer to Daymond, and wanted to change the product’s name and packaging as well. After taking a few minutes to think about his decision, Stephen ultimately decided to accept Lori Greiner’s offer. What was next for Stephen and his luggage company? Keep reading our Biaggi update to find out!
Research for our Biaggi update revealed some good news! The company came close to running out of business, but Lori Greiner saved it and kept it afloat by boosting sales and improving the company’s branding. In 2022, Biaggo is still in business and generates about $4 million per year in gross revenue. Products are available on Amazon, as well as the Biaggi website.
Are you interested in learning more about the other companies featured in Season 6 Episode 11? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to stop by our Season 6 Products Page!