AN ENTREPRENEUR who got rejected from Dragon’s Den has now sold his company for £12million.
Rob Law has passed on Trunki, which makes kids’ suitcases, to e-commerce brand Heroes for a hefty price tag.
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Law initially appeared on Dragon’s Den in 2006, asking for a £100,000 investment in exchange for 10% of his business.
But after getting turned down, he grew the business himself, selling over three million suitcases in over 100 countries by 2016.
Now, after 16 years and selling five million suitcases worldwide, it will be headed by e-commerce platform Heroes, which takes care of youth and maternity brands.
Alessio and Riccardo Bruni, Heroes co-founders, said: “We are extremely excited for Trunki and the team to join the Heroes family and embark on the next journey together.
“The acquisition will further strengthen our core focus in the baby and children category and gives us further expansion into retails and worldwide distribution”.
Rob Law, Trunki founder and CEO, added: “It became apparent after the first few discussions that Heroes was the right buyer for Trunki. The Bruni brothers’ vision for the brand was far more ambitious and creative than what other buyers presented.
“Whilst Trunki has been around for over 16 years, we couldn’t be more excited for the next chapter of our journey”.
Founded during the pandemic, Heroes now heads over 35 brands, including the Boba baby carrier and Onco baby car mirror, and has 120 employees.
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Trunki first landed a contract with John Lewis to sell the bags, which are now also sold across the UK in stores including Boots, Argos and Amazon.
All the products are designed in England before being distributed worldwide.
You can catch the latest episodes of Dagon’s Den on BBC One.
Most recently, the dragons meet 18-year-old Myles Dickinson-Brown, who’s the youngest candidate to make £124k in profit from his business.
And in other business news, it’s been revealed Revolution Beauty founders gave loans to distributors in return for bumping up orders.
Around £9million of sales should not have been counted, says a report.
Founders Adam Minto and Tom Allsworth made fortunes when they listed the firm for £500million in 2021.
But they did not tell the rest of the board about the secret deals which gave the impression that Revolution’s business was bigger than it is.
Auditors had refused to sign off the accounts, which prompted a months-long probe.
This post first appeared on thesun.co.uk
