"I don't want to be Mr. Know It All" — When Shark Tank investor Daymond John rejected a deal with Biaggi

Season 6 episode 11 of Shark Tank saw Stephen Hersh enter the tank, seeking $500,000 for 30% of his foldable luggage company, Biaggi. He presented two products, a large Contempo luggage and a zipsack, which impressed the Sharks. Stephen shared that he had made $2.5 million in two years but had stopped manufacturing due to a recall.

The Sharks were surprised to learn that Stephen and his family had invested $3.5 million in the business. Mark Cuban, Robert Herjavec, and Kevin O'Leary decided not to invest, citing concerns about consumer education and competition. Ultimately, the Shark Tank investors Daymond and Lori both made offers of $500,000 for 33% of the company.

Lori shared her experience selling luggage and said she could get Biaggi on QVC in four months. Meanwhile Daymond John said:

"You know what? I don't want to be Mr. Know It All and let my ego get in the way when the best thing for that entrepreneur... Lori already has an existing customer that trusts her and Lori would be better for him," said Daymond.

Daymond withdrew his offer, saying Lori would be a better partner for Stephen due to her expertise. Stephen accepted Lori's offer and joined her "Shark Tank family."

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Biaggi founder Stephen Hersh on learning from mistakes

Stephen Hersh talked to Susan Adams of Forbes on April 1, 2016. The interviewer asked Hersh how he got into the luggage business. Hersh explained that his father owned a handbag company called Rosetti, which was sold to Li & Fung in 2006 for $162 million.

Hersh shared that he worked in sales at Rosetti and later wanted to start a new business with his family.

"We were looking for something to do together. We saw a folding suitcase in an airport. It was a foldable bag that saved space but it left a lot to be desired. Like it didn’t have four wheels. We thought we could make a better bag. We went to China and we engineered a foldable bag," said Stephen Hersh.

Hersh admitted that they made big mistakes when starting Biaggi. They copied the same business model as Rosetti, hiring expensive salespeople and renting an office on Fifth Avenue. They also ordered a large inventory of 50,000 units without testing the market first.

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What happened to Biaggi after its appearance on Shark Tank?

One year after partnering with Lori Greiner, Stephen Hersh appeared on Beyond the Tank to discuss their progress. Hersh reported that they had sold $2.5 million worth of bags on QVC. Lori advised Hersh to focus on a lightweight travel bag instead of larger, heavier pieces.

Lori predicted that sales of Biaggi would double or triple within six months in the episode and expressed excitement about their partnership.

Since then, the company has expanded its product line to include various sizes, colors, laptop bags, garment bags, and face masks, which are available for purchase on its official website.

In 2016, QVC sold $5 million worth of Biaggi's Zipsak product in one year. Hersh stated that the company was now healthy and had a bright future.

By 2021, Biaggi's revenue exceeded $5 million. Hersh credited his partnership with Greiner and QVC for saving the company from bankruptcy and achieving success. Appearing on Shark Tank helped relaunch Biaggi, putting the company on the map and boosting its product.

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ABC network is currently airing season 16 of Shark Tank.