Direct to customer fashion accessories business Miraggio will enter the brick-and-mortar retail space and launch five exclusive brand outlets in the current financial year. The first Miraggio store will open in New Delhi and the business expects to see its revenue reach Rs 100 crore in the 2025 fiscal year.
“Miraggio’s success is because of the space that we created,” said Miraggio’s founder and CEO Mohit Jain, ET Retail reported. “The handbag market is defined into two segments- below Rs 2,000 and above Rs 6,000 price point. However, the Rs 2,000 to Rs 6,000 bracket is empty. Additionally, post-pandemic the buying preferences of consumers have changed and now the aspirational customer is not limited to Tier 1. And in this space, we are the first mover.”
In order to fund its brick-and-mortar expansion, Miraggio plans to seek out investments. The funding would also be used to diversify its product selection and bolster its leadership. Recently, Miraggio has widened its product offering through a collaboration with designer Gabriella Demetriades, according to its website.
Miraggio launched in 2020 and retails from its direct to customer e-commerce store with a presence on multi-brand online marketplaces including Myntra and Nykaa Fashion. The brand also plans to expand across offline multi-brand outlets in India to connect with new consumer demographics.
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