One-stop brand for affordable yet trend-forward accessories
Miraggio was born from a need to bridge the gap in the Indian accessories market as it was until 2019. Founder Mohit Jain saw a gap in the D2C market for trendy, affordable yet premium quality handbags, and embarked on creating a brand that has a large aspirational value and good quality. The label is dedicated to creating customer novelty by providing the best online purchasing experience to the Indian women. In a talk with Fibre2Fashion, Jain discusses the handbags market in India.
How would you describe the market for handbags in India?
Ans. The demand is huge! It may seem a bit nerve-wracking to enter an industry with so many established companies, but the market’s size and diversity leave a lot of room. We discovered that there had been a shift in consumer behaviour, with people now constantly searching for the ideal accessories to ramp up their everyday styling or any other occasion. Our handbags blend seamlessly into every woman’s grandeur collection. As a result, we have witnessed immense growth in mid-range priced products in the past couple of years.
What are some of the key growth drivers of this segment?
Now that consumers are more aware, they are changing their purchasing preferences for products like handbags from traditional storefronts to e-commerce platforms. In addition, platforms like Instagram, and Pinterest are inspiring consumers to seek out the perfect accessories for every occasion.
When did Miraggio come into being?
I started Miraggio in 2019 with the vision to offer trendy accessories with the perfect price point. Doing a lot of research and observations led us to discover a gap in the market. Indian women are looking for bags that keep up with international trends and are in an accessible price range too. With the intent of filling this gap in the Indian handbag landscape, Miraggio was born.
What is the USP of the brand Miraggio?
Miraggio is a customer-centric brand; we always go the extra mile to keep our customers delighted with their purchases and are laser-focused on providing unique experiences. We offer accessories that are trendy and affordable. From minimal to chic, and counting on customers’ needs, we thrive and bring new styles every month to keep them updated with the modern fashion industry. We simply believe one can never have too many bags!
Who is your target market?
All the Millennial and Gen Z women who want to stay up to date with trends on a budget are welcome to join the Miraggio family. We know that women admire dynamic fashion couture and luxury labels, however, designer bags are exorbitantly priced, so their secret desire drives them to seek out something premium yet affordable. And that is where Miraggio comes into play. We cater to those secret desires with inspiring trends and a sweet price range.
Which are your major markets in India?
Being an e-commerce company, internet penetration is our key driver. Owing to that, metro cities often account for the biggest chunk of our sales. However, we have seen an increasing presence in tier 2 and tier 3 cities and are keen on capturing these markets as well.
Which are your top three best-selling handbag categories?
They are tote bags, crossbody, and handbag.
What are current trends in women’s handbags?
While I make sure to keep myself updated with the ongoing trends of this dynamic fashion industry, handbags are my key focus and where Miraggio’s expertise lies currently.
Some of the trends that are making their mark in the handbag industry are: leather alternative handbags, crescent bags, mini party bags, metallic, and boxy bags.
What has been your growth story for the past two years? What is the target set for the next two?
It has been an impressive journey for the past two years. Miraggio has now transformed into a dynamic and fast-growing D2C brand in the accessories space which has built a fast-growing community of modern young women aka #MiraggioMuse, and is only set to grow further. In addition to expanding the business and cultivating high customer loyalty, as well as build widespread word-of-mouth brand awareness, we aim to venture into experiential offline shopping stores by 2025.
What is the brand strategy going forward for Miraggio?
I have always envisioned creating a brand with a high aspirational value and my only focus is to make Miraggio a one-stop brand for affordable yet trend-forward accessories. After identifying the gaps in the handbag market in India, we wanted to create an immersive experience for our consumers. Mirroring quintessential modern accessories for women, we are venturing into multiple branches of accessories, from sunglasses to footwear, to scarves to jewelry, and everything in between, under one roof.
Published on: 29/12/2022
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.
