Before we take a closer look at the Handbag Rainbow update that provides valuable information on the company’s life after
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
The ladies explained their margins, expressing to the sharks that their landed costs were just $1.79, while they could retail for $11 or more. 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 total sales.
After discussing their personal time and effort in the company, along with the amount of money they’ve raised from friends and family members, it was finally time to determine whether Morgan and Arley would get a deal for their company. Mark Cuban and Barbara Corcoran, unfortunately, dropped out fairly quickly, citing their own reasons, mostly because they didn’t believe in the overall vision of the company. They also had concerns about the amount of money that it would take to stop other companies from stealing the product’s design.
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.
You can find the other company updates from Season 10 Episode 5 here:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from