Entrepreneurs Morgan George and Arley Sarner pitched their handbag accessory company during
If you’re short on time, here’s a quick overview of what happened to Handbag Raincoat after
Morgan George, and Arley Sarner appeared on
Shark Tank The Handbag Raincoat Update
- Entrepreneurs: Morgan George and Arley Sarner
- Business: Handbag rain covers
- Ask: $300,000 for 25% equity
- Result: No deal
- Sharks: None
Sisters Morgan George, and Arley Sarner have created just the thing for women who get caught in the rain. Their Handbag Raincoat easily slips over the top of your purse, to protect it from the rain.
In their comical presentation, water actually rained down on them, to demonstrate how raincoats are great, but they don’t protect a woman’s purse. Then, they quickly pull out their Handbag Raincoat products, and now the bags are safe from the rain.
The sharks love the presentation, but then they’re ready to get right down to business. Therefore, the ladies explained their margins, expressing to the sharks that their landed costs was just $1.79, for all three of their sizes.
In terms of wholesale, they sell them for $5, $7, or $9. Further, they retail for $11, $15, and $20.
As far as sales go, in the first three years of the company’s operation, they explained to the sharks that they managed to earn more than $600,000 in sales, altogether.
The Handbag Raincoat was finally selling in Bed Bath & Beyond, The Container Store, and Nordstrom, at the time of filming. Furthermore, after breaking out into retail, the sisters were put on The View, and they immediately sold 10,000 units.
However, even with all of that success, they’ve only just broken even. That said, they eventually raised $365,000 from friends and family, to help them sustain and grow the company.
They also have two design patents, although, they have had to take legal action to shut down two copycats. This has so far cost them $10,000.
Mark Cuban and Barbara Corcoran, unfortunately, dropped out fairly quickly. Reasons cited included the overall vision of the company, plus concerns about the amount of money that it would take to stop other companies from stealing the product’s design.
Guest shark Sara Blakely, founder of Spanks, doesn’t think she would personally use the product. So for that reason, she too was out.
Kevin O’Leary doesn’t like the numbers, and overall, doesn’t believe he could make money. He ultimately went out next.
Lori Greiner loves the ladies, however, she feels like an umbrella works just as well, if not better. With that, she’s the last shark to drop out.
It wasn’t long for the rest of the sharks to drop out for similar reasons, forcing Morgan and Arley to leave without a deal. While they weren’t able to earn a deal on
Unfortunately, there’s no sign of the Handbag Raincoat company on the internet anymore. The website no longer exists for this company and almost all of its social media platforms have been inactive for many years.
Most companies that come onto
Sadly, for Morgan and Arley, their company falls into this category of failure. It seems that the shark’s original instincts about their company were true after all and this will likely be our final Handbag Raincoat update.
This will be our final Handbag Raincoat update.
You can find the other company updates from Season 10 Episode 5 here:
For even more on companies and products, be sure to stop by our Season 10 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!