Bagzone said it would use the funds to boost its internal manufacturing capabilities by establishing an 150,000-square-foot factory
The funding round marks the lifestyle handbag company’s first institutional funding round since it was founded in 2010
Bagzone sells products ranging from handbags to wallets and travel accessories and counts brands like Lavie, Lavie Sport, and Lavie Luxe among its portfolio
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Bagzone Lifestyles, the parent company of Lavie, has secured $9 Mn investment from the First Bridge India Growth Fund.
In a statement, Bagzone said it would use the funds to boost its internal manufacturing capabilities by establishing an 150,000-square-foot factory. Additionally, the company plans to expand its offline presence with the opening of 300 exclusive brand outlets. The lifestyle brand will also utilise the fresh funds for its marketing campaigns.
Bagzone is a fashion and lifestyle company and counts brands like Lavie, Lavie Sport, and Lavie Luxe among its portfolio. It sells products ranging from handbags to wallets and travel accessories through its website, ecommerce platforms, and offline stores like Shoppers Stop.
The funding round marks the lifestyle handbag company’s first institutional funding round since it was founded in 2010.
“We hope to grow 10X in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall,” Ayush Tainwala, CEO of Bagzone Lifestyles, said.
Over the next five years, Bagzone aims to transform into a diversified, multi-brand corporation spanning multiple product categories. Simultaneously, the company aims to achieve a 70% localisation rate in its sourcing efforts while expanding its brick-and-mortar presence. The company also aims to penetrate Tier II and III markets.
With the rise in disposable incomes, the Indian fashion and lifestyle market is also growing rapidly. This has led to the emergence of a number of startups and companies in the space. These companies have also gained investor’s attention.
On Tuesday, D2C lifestyle brand Eske also raised $1.5 Mn in its pre-Series A funding round led by Mistry Ventures. Earlier this year, D2C lifestyle brand Zouk raised $3 Mn in a strategic funding round led by existing investor Stellaris Venture Partners.
The direct-to-consumer (D2C) fashion and lifestyle market is projected to become a $10 Bn industry by FY28, up from $2.4 Bn currently.
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