D2C startup Miraggio will go offline; eyes Rs 100 cr sales in this fiscal, ET Retail

New Delhi: Online-first fashion accessories startup Miraggio plans to foray into the offline space with the launch of five new brand-exclusive stores this year, the company’s founder and CEO Mohit Jain told ERTetail. In addition to exclusive stores, the company is also expanding its presence in multibrand outlets, he added.

Founded in 2020, the Miraggio brand positions itself in the segment of affordable luxury handbags. The company currently sells through its website and marketplaces such as Nykaa Fashion and Myntra.

“The success of Miraggio is due to the space we have created. The handbag market is divided into two segments – prices below Rs 2,000 and above Rs 6,000. However, the Rs 2,000 to Rs 6,000 band is empty. Additionally, after the pandemic, consumer shopping preferences have changed and now the aspirational customer is not limited to level 1. And we are the first player in this space,” Jain said.

Jain announced that the first stores will be opened in Delhi.

Currently, Miraggio generates about 50 percent of its sales from tier 1 cities, followed by 30 percent share from tier 2 markets and about 18-20 percent from tier 3 markets.

To support its expansion plans, Miraggio plans 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 offline expansion, this year the company intends to expand its product portfolio by introducing subcategories and strengthen its senior management.

Sharing the company’s growth figures, Jain said that Miraggio’s current annualized return is Rs 50 crore. The startup aims to double its sales and touch Rs 100 crore this financial year.