Bagging Spotlight – The Financial Express

For a long time, domestic brands such as Hidesign, Da Milano, Baggit and Lavie have been the leading names in the designer bags and accessories market in India, and international brands such as Michael Kors and Burberry have enjoyed prominence. in the high end. final slice. Lately, this space has seen several new era brands emerge, due to changing consumer preferences and the proliferation of e-commerce. Brands such as Zouk, Hamelin, Miraggio and Arture are trying to establish themselves in the market, with the promise of innovative, eco-friendly designs and traditional patterns. According to Pakhi Saxena, Head of CPG and Retail, Wazir Advisors, this market stood at $5.75 billion in 2021 and is expected to reach $14.5 billion by 2024.

Mixed bag

Launched in 2016, Zouk offers 150 SKUs in categories such as laptop bags, office bags, handbags, shoulder bags, hobo bags, tote bags, and wallets. The brand plans to add backpacks as a new category this year. Her creations are mainly inspired by Indian patterns, prints and fabrics. Aimed at women between the ages of 20 and 45, Zouk sells its products on marketplaces like Amazon, Myntra, and Ajio, in addition to its own website. “We want to explore offline retail this year. Our target is to become a Rs 100 crore brand by next fiscal year,” says Pradeep Krishnakumar, co-founder and COO of the company.

Miraggio, which was launched in October 2019, targets Millennials and Gen Z women. The company offers a range of handbags, shoulder bags, shoulder bags, tote bags and clutches, which she sells on her own website as well as fashion marketplaces such as Myntra and Nykaa Fashion. Next come sunglasses, jewelry and small leather goods. “Our plan is to grow to over 500 SKUs by the end of this year,” says founder Mohit Jain. Miraggio also plans to open retail stores/kiosks at airports in India this year.

Besides wallets and bags, Hamelin has branched out into planter packaging and desk accessories, and plans to launch more products in the home decor space this month. “We use a variety of materials such as tweed, jute, jacquard, ikat and khadi to create our products. Our best-selling categories include shoulder bags and wallets at an average price of Rs 1,500,” says Madhumita N, Founder and CEO of Hamelin.

Arture, which offers a mix of card cases, wallets, travel accessories, shoulder bags and belts, plans to enter the category of backpacks this year, followed by shoes in the years to come. to come. “Our products are not only sustainable and vegan, but are designed with a focus on functionality and minimalism,” says Shivani Patel, Founder, CEO and Creative Director of Arture.

Most of these players plan to enter international markets.

Question of sustainability

As these brands experience growth, one of the main challenges would be to scale up, says Sameer Amte, MD and Head (Retail), Accenture India. Standing out amidst a sea of ​​new launches in the bags and accessories segment would be crucial. Analysts say it’s imperative that these brands be clear about their positioning, customer profile, branding and packaging.

Kapil Makhija, CEO of Unicommerce, says: “Another challenge is to run operations profitably. These brands need to see how they can build a profitable and scalable business if they don’t have access to funding. »

Amte says these new-era retail brands need to focus on three key areas while focusing on profitability: hyper-personalization by embracing advanced data and analytics capabilities, delivering an omnichannel experience and creating an agile, customer-centric solution. supply chain that responds to fluctuations in demand.

Also read: How the fantasy game industry will fare in 2022

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