New Delhi: Online-first fashion accessories startup Miraggio is planning to foray into the offline space with the launch of five new exclusive brand outlets this fiscal, the company’s founder and CEO Mohit Jain shared with ETRetail. In addition to exclusive stores, the company is also expanding its presence across multi-brand outlets, he added.
Started in 2020, Miraggio positions itself in the affordable luxury handbag segment. The company currently sells via its website and marketplaces such as Nykaa Fashion and Myntra.
“Miraggio’s success is because of the space that we have created. 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 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,” Jain opined.
The first stores will be launched in Delhi, Jain stated.
Currently, Miraggio drives about 50 per cent of its sales from tier 1 cities, followed by 30 per cent contribution from tier 2 and about 18 – 20 per cent from tier 3 markets.
To support its expansion plans, Miraggio is planning to raise more funds, Jain commented. Last year, the startup raised Rs 10 crore in a pre-series A round led by Seven River Holding and Magnetic.
In addition to the offline foray, this year the company aims to expand its product portfolio with the launch of subcategories and strengthen its senior leadership.
Sharing the company’s growth numbers, Jain said that Miraggio’s current annual run rate stands at Rs 50 crore. The startup is aiming to double its sales and reach Rs 100 crore mark this fiscal.
