The Handbag Raincoat is a covering that protects handbags from rain, dust, and dirt. This product was founded by Morgan Sarner and Arley Sarner in 2015. The Handbag Raincoat’s net worth was $1.2 million at the time of their pitch in 2019 based on the $300,000 offer for 25% of equity of the company.
They appeared on Season 10 of Shark Tank USA in 2019. But the Sharks were not interested in investing in The Handbag Raincoat.
Despite the innovativeness of the product, The Handbag Raincoat could not secure a deal on Shark Tank. The company website went down after the Shark Tank pitch. The operations were ceased in 2019.
The Handbag Raincoat Net Worth
| Net worth | $1.2 million business valuation (2019) |
| Annual Sales Revenue | – |
| Profits | – |
| Lifetime sales | $600,000 (2018) |
| Investor | None |
| Founder | Morgan Sarner and Arley Sarner |
| Employees | – |
The Handbag Raincoat Net Worth Timeline
| Net Worth 2023 | Out of business |
| Net Worth 2022 | Out of business |
| Net Worth 2021 | Out of business |
| Net Worth 2020 | Out of business |
| Net worth valuation 2019 before appearing on Shark Tank | $1.2 million (business valuation) |
The Handbag Raincoat Pitch on Shark Tank
| Company name | The Handbag Raincoat |
| Product | A covering that protects handbags from rain, dust, and dirt |
| Episode | Season 10 Episode 02 |
| Founders | Morgan Sarner and Arley Sarner |
| Asked for | $100,000 for 25% Equity |
| Final deal | No deal |
| Shark | None |
| Location | Englewood Cliffs, New Jersey |
Don’t miss these product from Season 10
The Handbag Raincoat Founders
The Handbag Raincoat was founded by Morgan Sarner and Arley Sarner in 2015. Morgan and Arley are siblings who had entrepreneurial skills from a young age. Morgan after graduating worked in the production and merchandising sector. Along with that molded the idea of building their own business with her sister Arley. The Handbag Raincoat’s founders Morgan Sarner and Arley Sarner’s net worth is unknown as of 2023.
Key accomplishments:
| Year | Accomplishment |
| 2015 | Obtaining a legal patent for the product |
| 2019 | Shark Tank pitch |
Conclusion
Some companies that appear on the show have not achieved great success, and the The Handbag Raincoat was one of them. Sometimes businesses don’t succeed because of many reasons. Sometimes, the deal falls through after the founders say yes on camera. Or, as you’ll see, sometimes things happen to the founders themselves, and they choose to abandon the business. Anything is possible. However, The Handbag Raincoat went out of business in 2019. And the product is no longer available in the market.