In the realm of innovative solutions designed to tackle life’s everyday challenges, few ideas have captured the attention of both fashion-conscious individuals and practical thinkers alike quite like The Handbag Raincoat.
The bright spotlight of reality television illuminated the journey of this unique product as its creators, the dynamic sister duo Morgan and Arley, made their way onto the iconic Shark Tank stage. Clad in matching attire and brimming with enthusiasm, the sisters aimed to present their brainchild to a panel of savvy investors, seeking not just capital but also the validation and support that the show’s sought-after deals can bring.
With its promise to protect cherished handbags from the unpredictable onslaught of rain, The Handbag Raincoat arrived as a potential game-changer in the realm of fashion accessories. However, as the pitch unfolded and the Sharks weighed in with their insights and offers, the sisters’ path took an unexpected turn, leading to a post-show trajectory that sheds light on the intricacies of the entrepreneurial journey, the challenges of bringing an innovative product to market, and the ever-fluctuating nature of success and closure.
In this article, we delve into the captivating story of The Handbag Raincoat – from its television debut on Shark Tank to its subsequent journey, exploring the reasons behind its eventual closure, the lessons learned, and the lasting impact it left in the world of fashion and innovation.
What Is The Handbag Raincoat?
Hence, the inception of The Handbag Raincoat Company materialized, marked by an impermeable slit that permits the handle to seamlessly glide through. This revolutionary design bestows upon the handbag a state of dryness without compromising on its panache.
Farewell to sopping handbags and leather in ruin! The Handbag Raincoat boasts a variety of dimensions, tailored to accommodate an array of purse types. Flaunting a chic and see-through blueprint, The Handbag Raincoat diligently conserves your purse’s elegance, all the while ensuring its imperviousness to the elements. Bid adieu to impaired handbags and extend a warm salutation to stylish safeguarding courtesy of The Handbag Raincoat.
For those who revel in designer bags but yearn to shield them from capricious weather, The Handbag Raincoat serves as the ultimate requisition. It arrives in assorted hues and sizes, aligning impeccably with the most sought-after designer handbags.
With The Handbag Raincoat in your possession, you can confidently stride forth in any meteorological setting, secure in the knowledge that your cherished purse remains unscathed and snug.
Differing from its predecessors, the handbag raincoat addresses a broader spectrum than the original Hermes Birkin rain protector, which solely caters to Birkin bags. This raincoat is accessible in three dimensions: maxi, midi, and mini, tailored to encompass a variety of handbags, even the diminutive pocketbooks.
In its flat configuration, the raincoat exhibits an elliptical outline, featuring an unsealed aperture accompanied by Velcro at its zenith. The handles of the handbag are threaded through this slit, and the Velcro must be securely fastened to ensure comprehensive dryness.
Available in an assortment of colors, including some adorned with patterns, this raincoat permits mix-and-match possibilities with diverse outfits and handbag selections. The reasonable price tag further encourages the acquisition of multiple designs, particularly in regions with frequent rainfall.
The architects behind the handbag raincoat have left no stone unturned in their design. The package includes a petite pouch for stowing away the raincoat once it has been thoroughly exposed to rain. This pouch is partially sealable, facilitating the drainage of water and preventing any undesirable odors stemming from trapped moisture [2].
It’s noteworthy that the pouch incorporates a non-opening loop for attachment to your jacket or handbag, necessitating manual carrying at all times.
An additional facet of the raincoat is its resemblance to traditional raincoats, evident in its bottom-open structure. While this configuration is ideal for merely holding your handbag, sitting down requires you to clutch onto your bag to avert damage to its underside.
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Engineered to safeguard handbags against the elements, particularly rain, this innovative accessory boasts user-friendly attributes.
The process is straightforward: the Handbag Raincoat slips effortlessly over both the bag’s straps and the body, subsequently fastening securely around the straps through a Velcro tab mechanism [4].
The incorporation of Velcro not only ensures ease of use but also grants unfettered access to the contents of any top-opening bag whenever necessary. This design choice also permits swift handling of the straps or the option to drape them over a shoulder if they possess the requisite length. Similar to traditional raincoats for people, the lower portion of the “raincoat” remains open.
Post usage in damp conditions, the cover can be easily dried by a simple wipe-down. Subsequently, it can be detached, and its storage is facilitated by a raindrop-print carry pouch included in the package. It’s important to note that The Handbag Raincoat might not be suitable for larger bags, and the Velcro top closure could potentially permit water ingress during more aggressive weather conditions.
Advantages:
- Assortment of three size options to accommodate distinct handbag sizes;
- Multiple patterns and designs catering to diverse personal styles;
- Effective safeguard against heavy rain;
- Water-resistant and sturdy Velcro fastening;
- Budget-friendly;
Disadvantages:
- Inability to seal the bottom of the handbag;
- Slight resemblance of the lightweight material to a shower curtain’s appearance;
The handbag raincoat stands as a guarantee for every woman’s cherished handbag. The founders have made it accessible both online and at outlets such as Bed, Bath and Beyond, ensuring that everyone can acquire a raincoat for their handbags.
Whether it’s for smaller, party-oriented handbags or larger ones used to accommodate work essentials, laptops, and crucial documents, the handbag raincoat is a versatile solution. It caters to individuals dealing with frequent rain showers, ranging from casual shoppers to businesswomen.
The Raincoat Handbag is an innovative solution designed to safeguard handbags from rain-induced dampness. With a price tag of $ 20, it presents an affordable alternative, particularly when compared to the cost of most purses available in the market [5].
A pivotal feature of this product is its waterproof Velcro aperture, skillfully engineered to accommodate the passage of a handbag’s handle. This ingenious design allows rainwater to cascade over the raincoat, akin to the action of a conventional umbrella, effectively shielding the bag from moisture.
About the Founders Of The Handbag Raincoat
Their initial prototype for the handbag raincoat was ingeniously fashioned from a shower curtain, proving remarkably efficient in shielding their bags from rainwater.
Subsequent to Morgan’s graduation, she secured a position in production and merchandising at Rebecca Minkoff, where she honed her skills over a span of five years. During this duration, the sisters diligently continued their efforts in perfecting their invention and securing a legal patent.
Their relentless commitment eventually culminated in the establishment of a company centered around the handbag raincoat, leveraging the production and marketing acumen Morgan had garnered from her tenure at Rebecca Minkoff.
By the time the Sarner sisters made their appearance on the television show Shark Tank, they had already laid the groundwork with a fully functional website and had successfully introduced their product to the market. Their participation in the show generated an overwhelmingly positive reception from the market, eliciting heightened awareness and interest in the innovative handbag raincoat.
The Pitch Of The Handbag Raincoat At Shark Tank
Morgan and Arley, the entrepreneurial sisters, stepped onto the Shark Tank stage hand in hand, radiating enthusiasm as they prepared to present their creations. Clad in matching jeans and short-sleeved pink T-shirts, their synchronized appearance and vibrant energy immediately captured attention. Notably, the guest judge for the day was Sarah Blakely, the renowned founder and CEO of Spanx.
Their financial request, however, raised eyebrows, prompting a surprised reaction from Mark Cuban. Seeking $ 300,000 in exchange for a 25% stake in their company, Handbag Raincoat, the sisters seemed to complete each other’s sentences, leading the Sharks to speculate if they were indeed twins [7].
The presentation commenced with a lighthearted skit as Morgan and Arley declared it to be an ideal day for shopping under the sunny sky, emphasizing the mere 20% chance of rain. Positioned before a facade resembling a house’s front door, the duo clutched their purses.
Suddenly, a clap of thunder resonated, and Morgan dramatically expressed dismay over the impending rain. Proclaiming the onset of “Hurricane Barbara” within the Tank, they implored everyone to prepare for the deluge by donning black raincoats. Arley’s exclamation resonated with her concern that the handbags would succumb to the onslaught of water.
Unveiling their ingenious solution, the Handbag Raincoat, the sisters showcased their purses wrapped in decorative plastic coverings. Arley assured that the cover would effectively preserve the handbags’ pristine state amidst the rain. Against the backdrop of simulated pouring rain, the sisters valiantly shouted their pitches, capturing the curiosity of the bemused yet intrigued Sharks.
Feedback ensued as the Sharks received their samples. Barbara expressed a preference for the yellow variant, while Kevin, in a playful tone, jokingly requested one for his bag. Laughter resonated throughout the room. Amidst the amusement, questions arose about the cost of producing the covers. Responding in harmony, the sisters disclosed that the production cost was merely $ 1.00 per bag, regardless of size, resulting in commendable profit margins.
The conversation shifted to their background, with Morgan sharing her experience as a fashion major with six years of involvement in the handbag industry. The inspiration behind their invention stemmed from observing colleagues refraining from carrying their bags during rainy weather to avoid damage. Arley animatedly recounted their initial experimentation with shower curtains as a solution to this unaddressed concern. The sisters emphasized their patent-pending utility closure as a unique feature.
However, as the discussion delved deeper into the financials, concerns surfaced. Kevin and Barbara questioned the relatively stagnant sales figures despite the apparent demand for the product.
The sisters acknowledged their absence of marketing and advertising efforts, attributing their sales to organic growth and a significant boost from featuring in Oprah’s magazine, which led to 10,000 units sold. They highlighted their entrance into prominent retail outlets like Bed Bath and Beyond, Nordstrom, and The Container Store.
Addressing the funding aspect, the sisters revealed that they had raised over $ 300,000 from friends and family to launch the business and initiate production. The Sharks inquired about ownership percentages, to which Arley admitted that they retained 84% ownership, expressing concerns about potential imitations [8].
Despite the charm exuded by the sisters, Mark expressed his doubts about their approach, stating that they seemed reluctant to seize pivotal opportunities when their business was at its peak, focusing instead on legal actions. Barbara followed suit, highlighting their underutilization of marketing and advertising as a missed chance.
Sarah empathized with their journey, drawing parallels to her own path with Spanx, but ultimately opted out due to her investment philosophy. Kevin offered insights into their valuation misalignment and declined based on his preferred investment strategy.
Lori commended their energy and product but deemed it non-transformative, ultimately choosing not to invest. The sisters, sporting smiles, exited the stage arm in arm, expressing gratitude for the opportunity. As they departed, the Sharks collectively wished them luck. In a post-show interview, Morgan reflected that the Sharks might have overly focused on the numbers.
The Handbag Raincoat After The Shark Tank
Subsequent to the episode’s broadcast, the official website of the Handbag Raincoat company ceased to exist, and its social media channels have remained dormant for an extended period. These circumstances strongly imply that the company experienced a lack of success, and regrettably, there are no available updates regarding its financial standing as of 2023.
The initial indicator of the Handbag Raincoat’s business downfall became evident through their abandoned Facebook page. Despite amassing 1603 likes and 1659 followers, the once vibrant duo of sisters has refrained from posting since their appearance on Shark Tank.
Since 2018, the page has remained inactive, a stark testament to the company’s decline. Similarly, their website, handbagraincoat.com, has become entirely inaccessible.
Despite its outward appearance as a platform for purchasing its distinctive products, attempting to access the website results in security warnings and a discouraging “403 error” message. Within the comments section, aggrieved customers have expressed their frustration, recounting instances where products were paid for but never received, and communication from the failed enterprise was nonexistent.
The trajectory of Arley and Morgan, the dynamic pair that faced an unforeseen rainstorm on the Shark Tank stage, diverged in the aftermath. Morgan’s trail was considerably more elusive to trace.
Notably, her social media profiles still identify her occupation as associated with Handbag Raincoats. Unfortunately, it appears that imitative products managed to gain the upper hand. For those seeking similar items and experiencing disappointment due to the discontinuation of the handbag raincoat business, a multitude of comparable products can be found across the expanse of the internet, including on popular platforms like Amazon.
Nonetheless, a glimmer of recognition for the Handbag Raincoat emerged when it was showcased during Kym Douglas’ appearance on the Ellen DeGeneres Show in May 2017. Furthermore, the product made its presence felt at the Paris Fashion Week Fall in 2017, where numerous women were observed donning the Handbag Raincoat, underscoring its potential fashion appeal despite the challenges faced by the company.
The Net Worth Of The Handbag Raincoat
Up to the point of the episode airing in 2018, The Handbag Raincoat had achieved $ 125,000 in sales within that specific year. Over the course of the company’s three-year existence, the cumulative gross sales reached an impressive total of $ 600,000. During their appearance on Shark Tank, the sisters asserted a valuation of approximately $ 1.2 million [10].
Regrettably, the journey of Handbag Raincoat came to an end in 2019, marking the closure of the company.
Alternatives To The Handbag Raincoat
In light of the closure of Handbag Raincoats, several alternatives are available for individuals seeking protective solutions for their handbags during inclement weather.
Here are a few options to consider:
- Purse Rain Covers: Similar to the Handbag Raincoat, various brands offer rain covers specifically designed to shield handbags from rain. These covers are available in different sizes and designs, offering a diverse selection for different preferences;
- Water-Resistant Handbags: Instead of relying solely on external rain covers, you can opt for handbags made from water-resistant materials. Many reputable brands offer stylish handbags crafted from materials that repel water, helping to keep your belongings dry in wet conditions;
- Umbrella Bags: Some innovative products incorporate the concept of an umbrella but in a bag form. These bags feature a water-resistant canopy that can be extended over the bag, creating a protective shield against rain while also allowing easy access to the bag’s contents;
- Reusable Waterproof Bags: These versatile waterproof bags can be used as an inner lining for your handbag, providing an added layer of protection against water damage. They are available in various sizes and can be easily transferred between different bags;
- Silicone Bag Covers: Silicone covers designed to stretch over your handbag can effectively shield it from rain and splashes. These covers are transparent, allowing the bag’s design to show through, and they are easy to clean and reuse;
- Waterproof Sprays: While not a physical covering, waterproof sprays can be applied to the exterior of your handbag to add a layer of water resistance. These sprays create a protective barrier that helps repel moisture;
- Compact Umbrellas: Carrying a compact, foldable umbrella in your handbag can also be an effective way to protect both yourself and your bag from the rain. Many umbrellas are designed to fit conveniently in purses;
- Fashionable Raincoats: Some handbag enthusiasts opt for stylish raincoats that cover both themselves and their bags. These raincoats often come with innovative designs to accommodate bags while keeping them dry;
FAQ:
- Did The Handbag Raincoat get a deal on Shark Tank?
No, The Handbag Raincoat did not secure a deal on Shark Tank. Despite their unique and innovative product, none of the Sharks opted to invest in their business during the episode.
- Are Shark Tank deals successful?
Shark Tank deals have a mixed success rate. While many businesses that receive investment from the Sharks experience growth and success, there are also instances where deals fall through after the show, and not all investments result in substantial returns.
- Which company has the best raincoat?
Determining the “best” raincoat can be subjective, as it depends on factors like style, functionality, and personal preferences. Some well-known raincoat brands include The North Face, Columbia, Marmot, and Patagonia.
- What is the oldest raincoat?
The earliest recorded raincoat is believed to have been invented by Charles Macintosh (often spelled “Mackintosh”) in the early 19th century. He developed a waterproof fabric made by sandwiching a layer of rubber between two layers of cloth, creating what is now commonly known as a “mac” or “mackintosh” coat.
- Why are rain jackets expensive?
Rain jackets can be expensive due to the quality of materials used, technology for waterproofing and breathability, brand reputation, and additional features like seam sealing, zippers, and pockets. High-performance rain jackets often require specialized fabrics and craftsmanship to provide effective protection from the elements.
- How long do raincoats last?
The lifespan of a raincoat depends on factors such as the quality of the material, frequency of use, and care. A well-maintained raincoat can last anywhere from several years to a decade or more.
- Are rain jackets 100% waterproof?
Most rain jackets are designed to be water-resistant or waterproof to a certain extent, but very few are completely 100% waterproof under all conditions. High-quality rain jackets use advanced materials and technologies to offer a high degree of water repellency and breathability.
- What is the most expensive handbag in the world?
As of 2023, one of the most expensive handbags ever sold was the “Hermès Himalaya Birkin”, which reportedly fetched over $ 500,000 at auction. Prices of luxury handbags can vary based on brand, rarity, materials, and embellishments.
- Who turned down $ 30 million on Shark Tank?
The company “Ring”, which offers smart doorbells and home security products, turned down a $ 30 million offer from investor Jamie Siminoff on Shark Tank. Subsequently, Ring was acquired by Amazon for a much higher valuation.
- Who is the poorest “shark” from Shark Tank?
Kevin O’Leary (Mr. Wonderful) is often regarded as the wealthiest Shark on the show. While there isn’t a definitive “poorest” Shark, Barbara Corcoran and Robert Herjavec have not amassed the same level of wealth as some of their counterparts.
- Does Shark Tank really invest?
Yes, the Sharks on the show can choose to invest their personal funds in the businesses presented to them. The investments made by the Sharks are real and can have a significant impact on the entrepreneurs’ businesses.
- How did Lori Greiner get rich?
Lori Greiner gained wealth and prominence as an entrepreneur and inventor. She is known as the “Queen of QVC” due to her numerous successful products sold on the QVC shopping network. She holds over 120 patents for her inventions and has leveraged her business acumen to create a successful brand.
- Can I go on Shark Tank with just an idea?
Yes, entrepreneurs can appear on Shark Tank with just an idea or a prototype. However, having a well-developed business plan, an understanding of the market, and a clear value proposition can significantly improve your chances of attracting a Shark’s investment.
- Why do Shark Tank deals not close?
Shark Tank deals may not close for various reasons, including challenges that arise during due diligence, disagreements on terms, changes in business circumstances, or the decision of the entrepreneur not to proceed with the deal.
- Does Shark Tank take a cut?
When the Sharks make an investment, they typically receive equity or a percentage of ownership in the entrepreneur’s business in exchange for their investment. The specific terms vary based on the negotiation between the entrepreneur and the Shark.
- Why did Robert leave Shark Tank?
As of August 2023, Robert Herjavec has not left Shark Tank. He has been one of the main Sharks on the show since its inception and continues to participate in the program.
- Is Shark Tank still running in 2023?
Yes, it is still running and brings a huge audience of fans every time a new episode airs.
- How much is Lori from Shark Tank worth?
As of 2023, Lori Greiner’s net worth was estimated to be around $ 100 million. Her wealth comes from her successful inventions, business ventures, and appearances on Shark Tank.
- Who turned down a million dollars on Shark Tank?
Multiple entrepreneurs have turned down million-dollar offers on Shark Tank, as the terms of the deals may not have aligned with their vision for their businesses. One notable example is Jamie Siminoff, who declined a $ 1 million offer for his company “Doorbot”, which later became the successful business “Ring”.
- What was the bad product from Shark Tank?
There have been several products presented on Shark Tank that did not fare well due to various reasons such as lack of market demand, poor execution, or unfavorable deals. One example is the “UroClub”, a disguised portable urinal, which received criticism and did not gain significant traction.
Useful Video: We Tried A Handbag Raincoat To See If It Keeps Purses Dry
References:
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