Biaggi luggage bags inventory issue
They bought a ton of inventory straight off, and that turned out to be a roadblock. Biaggi has three and a half million dollars in this business, including Stephen and his partner along with another partner. His father sold his handbag company, rosette over hundred million.
Cost for the bag is $62 landed in the United States which the Sharks think is a lot. They wholesale at $124 and retails at $269. They got an order from a big box(Dillards) department store which excited them, but they ran into a problem, and they realized that education is the problem.
Ask: $ 500k for 30% equity
From: Brooklyn, NY
Season: Season 6 Episode 611
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
Other companies: S.W.A.G. Essentials, Gameday Couture, Zipz
First Aired: 12/05/2014
Deal: Lori Greiner at 33%
What do the Shark Tank Investors say about Biaggi bags
Mark Cuban your product has one extra feature, and it's not a business that he wants to be in, so he is out.
Daymond John makes him an offer for $500,000 for 33%; he's asking him if he is willing to take the offer or not. Lori is making a pitch, and the bags are appealing. Daymond goes out.
Kevin O'Leary says this product requires demonstration, so he is out.
Lori Greiner is explaining what she thinks of his bags, which she likes, but Daymond gave a shot clock, and Daymond says time us up. Lori gives him an offer for $500,000 for 33%, and she wants to change the name. David asks if he can step out and make a call.
Robert Herjavec understands that Stephen has a product that the consumer doesn't understand, so he is out.
Daymond stops Stephen to ask him what he wants to do it with it and Stephen says it is demonstrable. He steps out because Lori can help him better than he can. That was incredible when Daymond stepped out because he is thinking of the entrepreneur before him! Great job Daymond.
Biaggi bags after Shark Tank?
Wow, Biaggi was almost gone when Stephen made his pitch on Shark Tank, but the year following Shark Tank scored the company three million dollars in sales! Three million dollars is what the father, son, and an investor put into the company to get it going. Now they are selling like hotcakes on QVC, and are in Bed, Bath, and Beyond online store, as well as Amazon. Shark Tank saved the day for Biaggi thanks to Lori Greiner.