Trunkster is the ultimate new invention in luggage. Each bag is completely zipper-free, uses a self-contained scale, and offers USB ports for charging. The trunks are impressive and can revolutionize travel, but the sharks were unhappy with the valuation. How will things turn out when this luggage line is presented in
Shark Tank Trunkster Update
- Entrepreneurs: Jessie Potash and Gaston Blanchet
- Business: Zipper-free luggage with USB ports and a self-contained scale
- Ask: $1.4 million for 5% equity
- Result: $1.4 million for 5%, with double equity if not paid in 24 months and $1 per unit royalty in perpetuity
- Shark: Lori Greiner and Mark Cuban
Jessie Potash and Gaston Blanchet entered the tank with a seemingly impressive product in their zipper-free luggage, Trunkster. The luggage offered a ton of conveniences not found in most luggage offerings, and the sharks were interested. However, the sharks were less interested in their valuation – a rich $28 million.
This hesitation was reinforced when Jessie and Gaston told the sharks that they were still in pre-sales. They hadn’t created the stock to ship out, and their Trunksters weren’t in the hands of consumers yet. However, presales were at $2 million. Each trunk sold for $395 with an 80% profit margin.
The sharks all agreed that the valuation was too much. Robert Herjavec said the company was probably worth about $8 million at most. Kevin O’Leary asked if they would do $1.4 million for 30% (a hypothetical offer), which they refused. Kevin said that no one will give them the valuation they’re asking for.
Barbara Corcoran was the first to speak out about the bag itself. She thought it was too heavy and too masculine, and the fact that it hadn’t been tried was a problem for her. She went out. Robert offered $1.4 million for 30%. Kevin wanted to join in, but Robert didn’t want Kevin in on the deal.
In response, Kevin offered a solo $1.4 million for 37% equity. Lori was next. She saw potential, but doesn’t trust the business yet. She said she’d do $1.4 million to fund purchase orders with a 15% stake.
Mark Cuban didn’t think their math worked out. They asked if he would go in with Lori, and Mark said he would negotiate. After a quick huddle, Jessie and Gaston came up with a solution. They offered $1.4 million for 5%, with a double equity stake if the full $1.4 million is not paid back in 24 months. They also offered a $1 per unit royalty after the money is paid back.
Mark and Lori accept, and everyone agrees that it’s a great deal. So where is Trunkster now? Let’s find out in our Trunkster update.
We have shady news for our Trunkster update. The Kickstarter mentioned during the episode was successful, but it appears that Jessie and Gaston never fulfilled most orders. Of the slim number of orders that were shipped, most were reported to be of very poor quality.
Most of the potential customers and investors on Kickstarter and other crowdfunding campaigns were understandably upset, and the company has never responded or issued refunds.
The website is defunct and all social media accounts are MIA. Unfortunately, we have to report that this product might have been a scam. It’s a good thing that the deal with Lori and Mark never closed. This will be our final Trunkster update.
Make sure that you check out our other company updates from Season 7 Episode 10 below.
Before you go, don’t forget to check out our Season 7 Products Page for more on companies and products!
Shop the Shark Tank Recap Store
Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!