“Lori would be better” — When Shark Tank expert Daymond John passed on Biaggi

One of the most iconic scenes in Shark Tank's history is Biaggi's pitch in season 6 episode 11. Several sharks were drawn to the baggage company because of its inventive foldable suitcases. However, Daymond John made the famous decision to pass on a deal while the entrepreneurs were hoping for one, suggesting that they should go with another great offer on the table by Greiner,

"Lori would be better," he said.

Daymond, renowned for his proficiency in branding and marketing, saw that Biaggi needed a partner with a focus on home shopping networks. He urged the creators to negotiate with Lori Greiner, the Queen of QVC, after withdrawing his offer, which was the same as what the other expert suggested. Lori recognized Biaggi's potential right away and had already made an offer that suited the demands of the business.

Lori, who saw the company's potential to succeed in the home shopping market, offered $500,000 for a 33% stake in the business. Following negotiations, the deal was made, and Biaggi was given a place in Lori's portfolio. The brand saw tremendous success because of the Shark Tank investor's ability, selling out its supply on QVC in a matter of minutes.

---

When Biaggi founder, Stephen Hersh, appeared on Shark Tank Season 6 Episode 11

Biaggi founder Stephen Hersh debuted his ground-breaking foldable baggage line during his appearance on Shark Tank season 6, episode 11. The sharks were immediately interested in his brand, which sparked intense negotiation and an unexpected moment when Daymond John withdrew his offer and recommended Lori Greiner.

---

Stephen Hersh pitches Biaggi on Shark Tank

Stephen Hersh went onto the Shark Tank stage with a daring vision for Biaggi, a company specializing in foldable baggage. At a valuation of about $1.67 million, he asked for a $500,000 investment in return for 30% equity. Hersh emphasized Biaggi's luggage's distinctive space-saving design and its practicality for contemporary tourists. Additionally, he revealed that his father, a former baggage industry specialist, had contributed to the concept's development, lending the brand legitimacy.

Hersh disclosed during his pitch that Biaggi had already made $2.5 million in sales. However, the company was having trouble because of retail setbacks, even though the numbers were great. He clarified that financial troubles resulted from the brand's removal from big department stores. Although the sharks were dubious after this revelation, some of them still thought the product had promise.

---

Daymond John and Lori Greiner's offer for Biaggi

After Stephen Hersh's pitch, a few sharks expressed interest in Biaggi, seeing the brand's potential. Despite its retail difficulties, Lori Greiner and Daymond John sensed an opportunity. Both made offers that were marginally larger than Hersh's original demand of $500,000 for 33% equity.

As the negotiation continued, Daymond finally decided to back off because he thought Lori would be a better fit for Biaggi.

"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," he said.

Lori then sealed the purchase at $500,000 for 33.3%, providing Biaggi with the funding and guidance it needed to transform its company.

---

To watch more such interesting deals happening on Shark Tank, head to ABC.