Inside MIRAGGIO’s Gambit To Compete With Global Handbag Giants

India’s $3.7 Bn handbag market has long been divided between luxury brands that remain out of reach for most and budget-friendly options that often lack quality and design. 

While giants like American Tourister and Safari dominate the travel segment, many new-age D2C brands like Zouk, Scarters, Mokobara, and Chumbak are making waves in this segment.

Amid this, Mohit Jain, founder and CEO of MIRAGGIO, saw a significant gap in high-quality, stylish handbags that are both accessible and affordable. 

Jain’s entrepreneurial journey began in Canada with a dropshipping business, but he longed to create something he could connect with on a deeper level.

Raised in an entrepreneurial family, he learned early on about the value of resilience, adaptability, and taking calculated risks. This mindset, combined with his recognition of the market gap, helped him build MIRAGGIO in 2019.

MIRAGGIO’S Customer-First Playbook

In a competitive market, MIRAGGIO focusses on three key areas — design, innovation, and customer engagement. 

Unlike most brands that follow seasonal collections, the D2C brand sets itself apart by launching new collections every month, keeping its catalogue fresh and in line with global trends. The brand also emphasises ethical sourcing, durability, and customer-centric innovation, ensuring that each product is not only stylish but also long-lasting. 

Some of its flagship products include tote bags, shoulder bags, satchel bags, crossbody bags, cardholders, and backpacks, among others.

MIRAGGIO leverages its D2C model to build a strong, engaged community. Through digital campaigns and an interactive online shopping experience, it creates a personalised connection with its customers, making every purchase more than just a transaction.

New Launches Accelerate MIRAGGIO’s Revenues

Driven by new product launches and a growing customer base, MIRAGGIO has achieved an impressive 100% growth. Its revenue jumped 108% from INR 14.3 Cr in the financial year 2022-23 (FY23) to INR 29.8 Cr in FY24.

With over 8.5 Lakh products sold to date, MIRAGGIO’s growth has been fuelled by regular collection launches, expansion onto quick commerce platforms, and a strong focus on social media marketing and digital ads.

The brand has built a strong online presence through its official website and partnerships with leading platforms like Myntra, Amazon, Ajio, Nykaa, and Tata CLiQ. The startup has also been able to raise over INR 10.4 Cr ($1.2 Mn) from Seven Rivers Holding and East Eight Six Advisors.

MIRAGGIO’s Multi-Brand Retail Dreams

MIRAGGIO is gearing up for its next phase of growth with an omnichannel strategy to strengthen customer engagement. 

It plans to expand into multi-brand outlets like Broadway and launch offline experiential stores to foster community and brand loyalty. The brand is also eyeing airport retail to attract travellers and boost visibility in premium, high-traffic locations.

Over the next two years, MIRAGGIO aims to triple its revenues by diversifying its product range. New additions like wallets, small leather goods, and laptop bags will help the brand reach a wider audience and solidify its position in the market.

[Authored By Pooja Yadav]