Old Bags Luncheon™, the luxury charitable event brand, is celebrating its 27th anniversary as founder Eileen Cornacchia explores acquisition opportunities aimed at expanding the organization’s international footprint and long-term institutional value. With a model built entirely on word of mouth and an international footprint spanning the U.S., Canada, Australia, and New Zealand, the business positions itself as a rare turnkey acquisition opportunity in the high-net-worth philanthropic event space.
Established in April 1999, the enterprise developed from a single Palm Beach charity event into a nationally and internationally recognized fundraising model. Every event is built around luxury handbag auctions, donor engagement, high-profile guests, and promoting active citizenship, while directing proceeds toward charitable organizations.
“Our first profit was around $80,000. Now, some of the larger events are reporting profits close to a million dollars,” Cornacchia says. “We’ve never done any advertising; our growth has always been organic. Organizations and people heard about other luncheons and wanted to know how to create the same experience.”
Within five years of its launch, the Old Bags format had expanded its footprint across neighboring countries before growing across affluent seasonal markets, including Southampton and Saratoga Springs. She notes how Saratoga often draws high-net-worth attendees during the thoroughbred racing season, while Southampton sits at the heart of the Hamptons’ summer circuit. Both markets, Cornacchia adds, serve communities where influential people gather annually, where Old Bags events frequently sell out before invitations reach the mail.
Recognizable community figures, honorary chairpersons, and socially connected committees are all pivotal to the business model’s fundraising success. “When the invitations go out, and attendees see familiar names attached to the event, it impacts the overall participation,” she says. Past speakers, she notes, have included Priscilla Presley, Martha Stewart, Debbie Reynolds, Bobbi Brown, Joan Rivers, and Andy Cohen, alongside attendees like Audrey Gruss, Jamee Gregory, Lois Pope, Barbara Pendrill, and Sybil Yurman.
As the brand now looks for prospective buyers, Cornacchia is offering a structured one-year transition that she believes will substantially de-risk the acquisition. She has developed a comprehensive operational guidebook codifying every aspect of the business, from the event committee formation to speaker selection to auction logistics, allowing buyers to be well-equipped with the nuances of the business. She has committed to remaining available throughout the transition period. She says, “There’s definitely a learning curve. I would stay on for a year and continue doing the phone calls and mentoring, so a buyer doesn’t have to learn everything from the beginning. I think teaching the next generation of charities how to do these events properly is part of the value.”
According to Cornacchia, the organization’s trademarks have already been secured across multiple regions, with an additional trademark application currently progressing in Japan, which she identifies as one of the most lucrative luxury handbag markets. Cornacchia also indicated interest in expanding the Old Bags Luncheon™ model into markets including Great Britain and the UAE under future ownership.
Cornacchia highlights that maintaining the organization’s core philosophy remains essential during any ownership transition. Events are intentionally designed around social engagement and philanthropy instead of emotionally driven fundraising appeals. “I want people leaving the event happy and excited to come back next year. The charity wins, the attendees win, and the entire community benefits from the experience,” she says.
As Old Bags Luncheon enters its 28th year, Cornacchia believes the business remains positioned for continued growth through strategic ownership capable of expanding its international reach while preserving the framework that established its reputation across philanthropic and luxury fundraising circles.
Media Contact
Eileen Cornacchia
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