It’s challenging to store suitcases. They occupy a lot of room. This was an issue that Stephen Hersh wished to resolve. He invented folding travel bags. The baggage is foldable. It may be placed on a shelf or beneath a bed. This concept simplifies storage. Stephen presented Shark Tank with his concept. He requested half a million dollars. He gave a third of his business.
The Sharks found the offering appealing. They had a lot of questions. Stephen had to give an extensive description of his company. Will the entrepreneur get a deal on Shark Tank? Check out the Biaggi update!
Biaggi Net Worth Shark Tank Update 2025
Stephen Hersh went on Shark Tank asking for $500,000 for 30% of his company. This meant he thought his business was worth $1,666,667. He made a deal with Lori Greiner for $500,000 for 33%, lowering the valuation to $1,515,152. The episode was aired on December 5, 2014. The foldable luggage brand remains active and continues to sell through QVC and online. Using the default 10% yearly growth method, the current net worth of Biaggi is estimated to be around $6–8 million in 2025.
The company Biaggi nearly went out of business following Shark Tank. Stephen had significant issues. He stopped the concert before it started. His inventory was excessive. The business was having trouble. But it was salvaged by Lori Greiner. Lori assisted with branding. She made the packaging better. She contributed to sales. Biaggi began to grow once more.
Biaggi earned $4 million annually in 2022. The baggage gained popularity. The ease of storage appealed to many. As of 2024, Biaggi is still doing well. The suitcase may be purchased online. It is available on Amazon. It is available on the Biaggi website. Consumers adore the product. The business is doing well.
Indeed Biaggi was given a Shark Tank contract. Stephen Hersh requested half a million dollars. He promised to give him 30% of his business. He struck a contract with Lori Greiner. She made a $500,000 offer. However, she desired a 33 percent stake in the business. Stephen accepted her offer.
Lori had faith in the merchandise. She wished to support the company’s expansion. She wanted to alter the packaging as well. She believed that improved branding would increase sales. Stephen believed her strategy. Biaggi was saved by her.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | out | N/A | N/A |
| Lori Greiner | $500,000 for 33% equity | N/A | Yes |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | $500,000 for 33% equity | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Biaggi Shark Tank pitch
Biaggi Baggage was founded by Stephen Hersh. It was a frequent problem that gave him the idea. The majority of luggage is large and heavy. It occupies a large amount of room. A lot of individuals reside in little houses. They can’t accommodate big bags. Stephen desired to assist. He invented folding travel bags.
Stephen thought that travelers may benefit from his product. It could be useful for those who live in cramped quarters. The baggage is foldable. Anywhere is a suitable place to keep it. And it’s light. It is easy to carry because of this.
Stephen initially had a lot of issues. He purchased an excessive amount of merchandise. He spent a lot of money on this. He struggled to sell every bag. He stopped manufacturing as well.It was challenging to maintain the business as a result. His alternatives were dwindling. He chose to go on Shark Tank. He was hoping to locate a helpful partner.
Stephen put a lot of effort into making Biaggi a success. He had a legitimate problem that he wanted to work on. There were several obstacles on his path. But he persisted.
Stephen Hersh had a huge idea when he appeared on Shark Tank. He showed the Sharks his folding luggage. He described the luggage’s operation. The bags are foldable. They conserve room. They are simple to keep on a shelf or beneath a bed.
Stephen requested half a million dollars. He promised to give him 30% of his business. He reported his sales to the Sharks. The business earned $2.5 million in only two years. But he acknowledged that he put a halt to production. The Sharks were concerned.
Stephen discussed the price of producing the bags. The cost to produce each bag is $60. $269 is the retail price. $124 is paid by wholesale purchasers. The profit margins pleased the Sharks.
The Sharks got a lot of inquiries. They wanted to discover the reason for Stephen’s output halt. They enquired about the level of competition in the market for baggage. Stephen gave an explanation of his future plans. He hoped his suggestion would be accepted by the Sharks.
The Sharks asked a lot of questions concerning Biaggi’s bags. They were curious as to why Stephen made the goods. He clarified that it’s challenging to store large bags. This issue is resolved by his folding bags .The design was questioned by the Sharks. The bags are sturdy, according to Stephen. Their handle is retractable. They are therefore convenient to carry. He also mentioned how light the bags are.
Sales were questioned by the Sharks. Stephen informed them of the $2.5 million in earnings. However, the halt in manufacturing worried them. They inquired as to why he ceased producing the bags. Stephen clarified that he required some time to reconsider his business.
The Sharks were interested in the competition. There are several brands of baggage. They enquired about Biaggi’s uniqueness.
The Sharks’ opinions on the product were divided. The first person to go was Mark Cuban. He declared that he had no desire to spend money on bags. It didn’t seem like the correct business for him.
Robert Herjavec left as well. He said that the baggage industry was very competitive. He thought Biaggi’s development would be challenging.
Robert was in agreement with Kevin O’Leary. According to him, the baggage industry is competitive and congested. He chose not to make an investment.
Daymond John found the products satisfactory. He made a five-hundred-thousand-dollar offer to Stephen. However, he preferred to own thirty-three percent of the business rather than thirty.
Lori Greiner was pleased with the result as well. She offered Daymond the same thing. She desired a thirty-three percent stake in the business. Lori mentioned that she could assist with packaging and branding. She thought that these adjustments would increase sales.
Stephen considered both proposals. He chose to accept Lori’s offer. He thought Lori might help his business expand.
What Went Wrong With Biaggi On Shark Tank?
A few Sharks were worried about the company and the goods. Mark Cuban had no interest in making an unnecessary investment. It didn’t seem like a good fit for him.
Kevin O’Leary and Robert Herjavec had similar worries. They felt that there were too many people in the baggage market. They thought Biaggi would have a difficult time competing with other brands.
Another problem was the production stoppage. Stephen acknowledged that he had ceased manufacturing for a year. The Sharks were concerned. They believed it demonstrated inadequate preparation.
Inventory was another issue Stephen had to deal with. He first purchased too much. Financial issues resulted from this. This was a warning sign to the Sharks.
Product Availability
You may purchase Biaggi luggage online. It is available for purchase on the Biaggi website or Amazon. The product’s distinctive design is the reason for its popularity. The baggage is easy to keep because it folds flat.
The bags are strong and lightweight. They are available in a variety of colors and sizes. They are easy to carry because of the retractable handle. Customers adore the luggage’s quality and ease of use.
The majority of the bags cost $269. Each bag costs sixty dollars to create. The price paid by wholesale purchasers is $124. The business has a healthy profit margin as a result.
Additional information on the product may be found on the Biaggi website. Customers may learn about the features and read reviews. Information on returns and shipping is also available on the website.
Conclusion
Biaggi luggage began with a straightforward concept. Stephen Hersh sought to address a prevalent issue. He invented easily storable folding baggage.
Stephen’s trip was fraught with difficulties. He halted operations for a year due to inventory issues. However, he put a lot of effort into making his brilliant concept a reality.
Stephen was able to expand his business thanks to Shark Tank. Lori Greiner helped salvage the firm because she believed in the product. Biaggi is currently a well-known brand. It keeps expanding and assisting tourists worldwide.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
