Where Is Modern Picnic From Shark Tank Today?
Do you ever wish you had a functional yet stylish way to bring your work to lunch every day? Sure, you can always pack your next spiced chickpea Greek salad in a portable cooler. However, Ali Kaminetsky created a fashionable, effective solution for people who want an insulated lunch bag that mirrors a high-end purse or tote. Modern Picnic was founded in 2018 after Kaminetsky got fed up with using different ways to carry her home-packed lunch to work every day in New York City. She wanted an effective long-term solution that was not only sustainable but one that had modern appeal. Her answer was a retail destination for chic, vegan leather, insulated lunch bags and purses. Modern Picnic offers a range of various-size handbags, totes, and backpacks for all your fridge-friendly foods.
After raising close to $2 million from outside investors over the last few years and an estimated revenue of $2 million from sales in 2023, Kaminetsky had hoped to score a deal on "Shark Tank." The ambitious business owner was looking for additional monetary backing to propel her business forward while also securing a knowledgeable partner in the retail world. If you missed Modern Picnic's debut on the Tank, you may be curious to know if Kaminetsky scored a sufficient investment with one of the sharks.
What happened to Modern Picnic on Shark Tank?
While there are essential factors to look for in every food storage container, Modern Picnic founder Ali Kaminetsky was committed to showcasing how food storage can also be fashionable. The business owner appeared on "Shark Tank" Season 15, Episode 13, in early February 2024, hoping to score a deal of $400,000 for 6.5% of the Modern Picnic business. At the time of Kaminetsky's on-screen debut, Modern Picnic had sold over 40,000 products since the company's inception in 2018. While these insulated containers sell at higher price points than a typical insulated lunch bag and rake in decent profit margins, Kaminetsky admitted she was expecting to operate at a loss of $100,000 in 2023. In actuality, Kaminetsky had been spending 50% of Modern Picnic's revenue on marketing and brand building.
Both Mark Cuban and Robert Herjavec backed out of the deal due to the mismatch of profit and company spending. While Kevin O'Leary had no interest in putting his money toward a fashion-forward product, Lori Greiner and guest judge Emma Grege believed the Modern Picnic owner needed to focus on ways to reduce marketing costs. Unfortunately, Kaminetsky left the Tank with no deal.
Modern Picnic after Shark Tank
Even though Kaminetsky didn't walk away with a major investment on "Shark Tank," you can still score one of Modern Picnic's tote bags and carry your vanilla fruit salad in style. Deal or no deal, post-airing, Modern Picnic's business saw a large increase in sales. The day after Kaminetsky's on-screen appearance, its website received 915% more traffic than average and experienced a sales increase of more than 300%. The company owner leaned into the sudden upswing in website traffic and created a landing page on the Modern Picnic website for customers eager to purchase one of the items featured on "Shark Tank." Kaminetsky also opened preorders for a new collection of insulated bags directly after the Season 15 episode. The Wicker Collection has the same functional insulated liners as the original tote bag but is made with a range of white and black vegan leather and a wicker exterior for the spring and summer seasons.
Furthermore, Kaminetsky continues to use her "Shark Tank" appearance to help the Modern Picnic company gain exposure to new customers every day through the use of social media. The day after her unique business appeared on national television, Kaminetsky posted a detailed video about herself and her growing company on the Modern Picnic Instagram page. Beyond leaning into this increased success, Kaminetsky also utilized the advice from the sharks to adequately prepare the Modern Picnic business for future success.
What's next for Modern Picnic?
Since appearing on "Shark Tank," one of Kaminetsy's primary goals was to take the sharks' advice and implement some much-needed changes to her company. Kaminetsky has already reduced marketing costs significantly, which has given the brand more room to focus on sales and customer service. Kaminetsky is now, more than ever, committed to utilizing all forms of social media outreach for her fashionable products through apps like TikTok and Instagram.
To further maximize the recent surge in business, the company owner has not only released her brand new Wicker Collection ahead of schedule but continues to see steady business on the brand's varied product line. Kaminetsky added a specialty food container to the brand's offerings in the summer of 2023, and it seems to be a popular item for new Modern Picnic shoppers. In a recent Instagram post, Kaminetsky advised customers to shop on Amazon for extra stock since their online inventory is running out. While Modern Picnic may not have scored a deal on "Shark Tank," the company owner is utilizing the brand's newfound popularity to reach more customers. If you're looking to score a vegan leather snack bag to carry your next classic club sandwich, you might also want to keep an eye on Modern Picnic for future new products and promotional deals.