Two friends named Kelly Coughlan and Jenn Deese entered Shark Tank’s fifth season with a solution to a problem that many people have. It can be difficult to carry around a large purse when all you need is your phone, a few cards, and some cash.
Kelly and Jenn created Pursecase, a stylish phone case that also functions as a tiny purse, after realizing this. It had a chain handle, a compartment for keys and coins, and an integrated mirror for fast touch-ups with lipstick. Their concept was straightforward but creative, providing a useful and stylish option for folks who are constantly on the go. Kelly and Jenn applied to Shark Tank with the goal of receiving $55,000 in exchange for 12% of their business.
The typical back-and-forth negotiations with the Sharks were on display in this episode. Lori Greiner saw potential in the product, despite some Sharks expressing misgivings about it. Eventually, Lori made an offer of $55,000 for 15% stock, and Kelly and Jenn worked out a deal. This episode demonstrated how to strike a balance between a strong pitch and strategic bargaining, as well as how Lori’s retail experience might advance the concept. Will the entrepreneur get a deal on Shark Tank? Check out our Pursecase update to find out.
Pursecase Net Worth 2024
Kelly Coughlan and Jenn Deese asked for a $55,000 investment in exchange for 12% equity in their company. This meant they valued their company at approximately $458,333. They made a deal with Lori Greiner for $55,000 in exchange for 15% equity in their company. This new deal valued Pursecase at about $366,667. After the show aired, Pursecase experienced initial success with increased sales and exposure thanks to Lori’s retail expertise. However, due to internal issues and a failure to maintain momentum, the company has ceased operations. As of 2024, the current net worth of Pursecase is $0.
Pursecase Shark Tank Update
Pursecase saw early success following the Lori Greiner transaction, largely in part due to the exposure on Shark Tank. With Lori’s help, the business was able to reach a wider audience, particularly in retail marketplaces. The company even obtained a $1 million credit line from a manufacturer, which they agreed to take in return for 15% of the business. Kelly and Jenn were able to accommodate the increasing demand from customers by financing the production of more units.
But Pursecase encountered internal difficulties, just like a lot of expanding companies do. The quick success put a lot of strain on Kelly and Jenn’s relationship, with the founders. As their collaboration deteriorated, Jenn left the company. Kelly took over as the company’s sole owner after purchasing Jenn’s shares. Kelly talked about the company’s problems and its attempts to turn things around in an episode of Beyond the Tank in 2015.
Her efforts were in vain, as the business ultimately failed to maintain its early momentum. Pursecase has ceased operations as of 2024, and the product is no longer offered for sale. The company’s demise served as a sobering reminder of how even the most promising companies may be impacted by internal issues and external forces.
In Shark Tank, Pursecase did indeed land a deal. At first, Kelly and Jenn requested $55,000 in exchange for 12% ownership of their company. Captivated by the product’s potential and the founders’ enthusiasm, Lori Greiner extended an offer of $55,000 in exchange for 15% stock to them.
Kelly and Jenn gladly accepted Lori’s offer, realizing that her success on QVC and her background in retail may help their product reach new heights. They decided to work with Lori because they thought she could help them turn Pursecase into a well-known brand and because of her ability to promote products to a wide audience.
| Sharks Names | Demand & Offer | Counter Offer | Accepted? |
| Lori Greiner | $55,000 for 15% equity, | N/A | YES |
| Robert Herjavec | Out | N/A | N/A |
| BarbaraCorcoran | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
| Kevin O’Leary | $55,000 in exchange for $1 per sale until the loan was repaid, after which the royalty would reduce to 0.75 cents | N/A | N/A |
Pursecase Shark Tank Pitch
In regard to a PurseCase update, Their own experiences served as inspiration for Kelly and Jenn as they developed Pursecase. They found it annoying to carry bulky handbags when all they actually needed was a phone, some cash, and a few cards because they were busy ladies who were constantly on the go.
They started to develop a device to address this issue after realizing that many women probably experienced the same aggravation. The outcome was the PurseCase phone case, which was not only practical but also fashionable and small. It enabled women to look stylish and carry only what they needed.
While Kelly and Jenn were first building Pursecase, they encountered a number of difficulties. One major obstacle was securing economical manufacturing. They had to make sure that the product’s production costs permitted them to maintain reasonable profit margins.
They also needed to figure out how to develop their brand while funding the development of their product. Due to these difficulties, they decided to apply for investments on Shark Tank, where they expected to receive both financial backing and strategic alliances to advance their company.
In our PurseCase update research, Kelly and Jenn presented the special features of Pursecase to the Sharks during their Shark Tank pitch. They clarified that the goal of the product’s design was to satisfy women’s desire to travel with their phones and a few necessities without having to deal with the inconvenience of a big purse.
They emphasized the product’s elegant appearance, which had a pocket for cards and cash, a built-in lipstick mirror, and a chain handle. The product catered to modern ladies who valued convenience and were both stylish and functional.
Jenn and Kelly also disclosed outstanding early sales numbers. They received $30,000 in pre-orders in just three months, and they anticipated selling $240,000 in their first year. With a production cost of $4.42, a wholesale price of $15, and a retail price of $38, the cases offer strong profit margins of 88% whenever sold on their website and 71% in physical stores. The Sharks were drawn in by their early sales success, robust profit margins, and well-defined strategy.
Like in every Shark Tank episode, Pursecase raised a number of questions and concerns for the Sharks. Robert Herjavec questioned whether the market was already saturated after noticing similar phone case products in discount stores all around Europe. Barbara Corcoran also offered some criticism, pointing out that a pocket change and the removal of the snap flap would improve the product.
Given that he believed consumers’ tastes in electronics were always evolving and that he would rather not make investments in a sector where trends were changing quickly, Mark Cuban was dubious about making phone accessory investments. The Sharks were pleased with Kelly and Jenn’s Pursecase profit margins and early sales figures, despite their reservations.
In the end, Robert Herjavec, Barbara Corcoran, and Mark Cuban—three Sharks—decided against making an investment in Pursecase. Robert believed that there was an abundance of comparable products on the market and that Pursecase had no apparent way to differentiate itself. Barbara was hesitant to buy the goods since she didn’t like the way it was designed. Mark Cuban withdrew early due to his worries about purchasing phone accessories.
“Mr. Wonderful,” aka Kevin O’Leary, did make a deal offer. He offered to invest $55,000 and receive $1 from each sale until his capital was returned. After that, the royalty would decrease to 75 cents for each unit sold. But Kelly and Jenn turned down his offer since they had no interest in a royalty-based agreement.
Conversely, Lori Greiner expressed her excitement for the product. She thought she could help Kelly and Jenn take Pursecase to the next level because she had experience selling comparable products on QVC. Lori made them an offer of $55,000 for 15% equity, which was a little higher than the 12% Kelly and Jenn had originally requested. Following a quick conversation, the business owners gladly accepted Lori’s offer because they knew her experience in retail would be a great complement to their company.
What Went Wrong With Pursecase On Shark Tank?
In terms of a PurseCase update, Even though Kelly and Jenn were able to work out a deal with Lori Greiner, not every Shark believed Pursecase was a wise investment. For example, Robert Herjavec believed that Pursecase was having trouble standing out from other similar items because the phone case market was already fully developed.
Similar concerns were voiced by Mark Cuban, who said that the market for phone accessories was too erratic because of consumers’ shifting tastes. These worries were well-founded because it might be difficult for businesses to stay up to date with the rapidly changing trends in electronics and accessories.
Barbara Corcoran’s criticism of the product design also suggested some possible areas for development. She thought that making the device more consumer-friendly would include taking out the snap flap and including a pocket for change. Her criticism showed that the product needed more work and wasn’t flawless, but it didn’t prevent Kelly and Jenn from getting a deal.
Product Availability
Pursecase was an innovative product that blended fashion and utility. The phone case had a chain handle that made it convenient to carry, a built-in mirror for touching up lipstick, and a pocket to hold credit cards and cash. It was created to satisfy the needs of ladies who didn’t want to carry a bulky purse but still needed a stylish, small way to carry their phone and a few things.
Pursecase was sold during its height on the company website, on QVC, and at a number of retail locations. The product had a retail price of $38, and the company made a healthy profit margin because its production expenses were only $4.42 per unit. Regretfully, Pursecase is no longer for sale as the company has closed its doors, despite its initial success.
Conclusion
A straightforward concept may strike a chord with investors and customers, as demonstrated by the Pursecase tale on Shark Tank. Women looking for a product that combined style and convenience were drawn to Kelly and Jenn’s sleek phone case purse. After demonstrating the product’s potential in retail marketplaces, Lori Greiner and the other two managed to close a sale.
After the presentation, though, the business had to deal with internal disputes amongst the founders and rapid expansion. Pursecase ultimately failed in business, despite their best attempts to turn it around. Their experience serves as a reminder of the value of strong partnerships and the challenges that can accompany quick success.
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.
