Whalesbook
Miraggio, a direct-to-consumer handbag label, is strategically expanding its physical footprint by opening more than 10 new stores this year. This move signifies a deliberate pivot towards offline retail as a key growth driver, aiming to cultivate a "premium global retail experience" for Indian consumers. The company achieved over ₹150 crore in revenue within its first five years operating solely online.
Experiential Retail Focus
Mohit Jain, Founder and CEO, highlighted that handbags are a tactile category where customers prefer physical interaction before purchase. "A handbag is a product of touch and feel," Jain stated. "Consumers want to carry it, experience the utility, and understand how it fits into their everyday life." Miraggio's foray into brick-and-mortar aligns with a broader trend among digital-first fashion brands seeking to boost brand visibility, customer loyalty, and profitability through physical stores.
Revenue Projections and Store Model
The company forecasts average monthly sales exceeding ₹20 lakh per outlet. Collectively, the retail segment is expected to contribute ₹1.5-2 crore in monthly revenue by the close of the year. Miraggio is concentrating on company-owned and company-operated stores to maintain stringent control over customer experience, visual merchandising, and store aesthetics, eschewing a franchise model.
Global Strategy and Supply Chain Diversification
Miraggio's upcoming stores will feature exclusive product lines developed by teams across Asian fashion markets, emphasizing differentiated retail experiences over celebrity endorsements. The company is also exploring partnerships with Indian factories as part of a "three-country strategy" to reduce reliance on overseas production amid global supply chain uncertainties. Despite this aggressive expansion, Miraggio remains close to breakeven, prioritizing efficient growth. The brand secured ₹55 crore in funding last year, led by RPSG Capital Ventures and Client Associates, providing sufficient capital for expansion over the next few years.