Rareform Bags Update | Shark Tank Season 8

Alec and Aric Avedissian of Rareform entered Shark Tank Season 8 to ask the sharks for a $300,000 investment in exchange for 10% equity. The two ultimately got what they wanted from Kevin O’Leary, though the offer had a few caveats. We’ll talk about it in our Rareform bags update.

Shark Tank Rareform Update

Rareform Update

  • Entrepreneur: Alex and Aric Avedissian
  • Business: Bags and backpacks made out of recycled billboard vinyl
  • Ask: $300,000 for 10% equity
  • Result: $300,000 loan at 8% and 10% equity
  • Shark: Kevin O’Leary

Using billboard vinyl, Rareform creates unique bags and backpacks. Because they reuse discarded billboard vinyl, the company’s products are already pretty durable, waterproof, and lightweight. Most importantly, their products are eco-friendly.

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At the time of their presentation, Alec and Aric claimed that Rareform had already sold $1.1 million worth of products in three years. Unfortunately, the business took a loss the year before their Shark Tank appearance. Although the sharks were huge supporters of their message, it was challenging to convey it.

Mark Cuban, for example, commented on how difficult it was for Rareform to tell its story to consumers and was concerned about scale, so he dropped out. Barbara Corcoran went out soon after. Lori Greiner thought duplicating products would be difficult, so she went out. Robert Herjavec followed.

With four sharks out in quick succession, it was up to Kevin O’Leary to save Rareform. Sensing blood in the water, Kevin O’Leary offered $300,000 as a 36-month loan at 8% interest for 10% equity. Alex and Aric tried to counter for a straight equity deal, but Kevin explained that the only way this would happen is if he got 40% equity of Rareform. In the end, Alec and Aric accepted Kevin’s debt deal.

As for our Rareform update, we’ve got good news. Rareform only continued to grow after appearing on Shark Tank. Kevin followed through with his investment, but he made a few changes. Kevin’s final deal was a $150,000 loan for a 5% stake in the company.

While Rareform isn’t one of Kevin’s most lucrative endeavors, it’s right up there among his most impactful investments. The company is still going strong today and is reportedly earning millions more in annual revenue than when it first appeared on Shark Tank. That’s a pretty solid Rareform update if you ask us!

Before you go, be sure to take a look at the other company updates from Shark Tank Season 8 Episode 19:

For more from Shark Tank Season 8, check out our Season 8 products page.