Gurugram-based Miraggio, an aspirational handbag brand is up for the new revenue goal this fiscal year. Founded by Mohit Jain, this handbag brand has been growing at an astonishing rate of 118% y-o-y for the last three years. Having already reached a milestone of INR 50 crore, the brand is now aiming on doubling this figure—for INR 100 crore in revenue.
“We are among the top three brands in the online fashion space across all leading marketplaces, experiencing significant year-over-year growth. With this, in terms of GMV, we are projected to surpass INR 100 crore this year,” says Jain.
Continue Exploring: Fashion brand Miraggio to enter offline market with launch of five exclusive brand outlets, targets INR 100 Cr sales
Miraggio aims to bridge the gap between affordable and luxury handbags in India. Jain notes that there are numerous brands below the INR 2,000 price point and high-end international brands above INR 6,000. Miraggio’s sweet spot lies between these two, targeting the new-age audience seeking aspirational yet affordable options. “Today, as a brand, we are among the top three brands in the online space on all fashion marketplaces,” Jain proudly states.
No fast fashion, but customer centric approach
So far, the company being a fashion-forward brand, offers non-leather products, aligning with the global shift towards sustainability. However, Jain is candid about the challenges of balancing sustainability with consumer expectations. “Sustainability comes at a cost,” he says. “Canvas and other materials are being sold because they’re in fashion, not necessarily because they’re sustainable.”
In a fast-paced fashion industry, Jain is cautious about trends. “The right way to build business is sustainably and practically, thinking of the long term, not a fad,” he asserts.
That’s why, Jain argues that fast fashion is not a sustainable business model in this arena. This approach has allowed Miraggio to maintain a reputation for quality and longevity, even as it adapts to current trends.
“We are the first and only brand in India to launch new bags every month. For consumers, newness is crucial—they want products that are in trend now, even if they don’t immediately need them. Understanding these trends and making choices based on customer insights is key. However, our approach is customer-centric, focusing on versatility, functionality, and longevity. As a brand, it’s essential to create products that may not have long-lasting appeal but serve as marketing elements. The challenge lies in how our designers incorporate current trends into designs that ensure longevity and minimalism,” he says.
Highlighting on the target audience, Jain identifies his core customer base as—Interesting people between the age group of 20 to 35, who are independent, social media-savvy, and conscious of their lifestyle and personal image. This demographic, which spans across tier 1, 2, and 3 cities, values style, wellness, and a modern lifestyle, Jain notes.
At the same time, Miraggio calls itself a women-first brand. “For the foreseeable future, we are going to be a woman-only brand,” Jain confirms. This focus allows the brand to zero in on its target audience, create products that resonate with their lifestyle and aspirations.
Expansion plans for Miraggio
Going ahead, now Miraggio is planning to expand its product offerings and retail presence, informs Jain. “Next six months, you will see Miraggio coming up with new subcategories like wallets, laptop bags, backpacks, smaller goods,” Jain reveals. Additionally, the brand is set to open its first retail store, an experience that promises to be as unique as its products.
Jain’s strategy includes avoiding traditional retail models like shop-in-shops or general trade, focusing instead on creating a unique retail experience that aligns with the brand’s values.