This man built a multi-billion dollar brand of women's handbags two years later
Small businesses were made more competitive by the pandemic. Tech innovation was adopted by some, but online sales proved to be a success for others. Fashion also benefited greatly from online sales. This period saw all-time high sales across the industry, from apparel and jewellery to footwear and accessories.
A fashion startup based in Gurugram, Miraggio, capitalized on this growing demand and was launched in 2019 shortly before the Coronavirus pandemic hit.
Miraggio was founded as a result of the pandemic, says Miraggio Founder Mohit Jain.
Handbag brand Mohit claims the brand has seen 50 percent month-on-month growth since its inception, and now generates Rs 1.5 crore each month, despite competing with established brands like Caprese, Lavie, Baggit, etc.
It is a journey
When Mohit decided to pursue entrepreneurship, he was 20 years old. His father lent him money to start a small business that traded consumer products between China and India when he was studying marketing in Canada. Even though he failed to continue the business for longer than two years, he says the experience taught him a lot about entrepreneurship.
Mohit decided to start a full-time business in India after completing his diploma in Canada. His dilemma was determining which industry he should enter.
My specialty has always been fashion, but I never considered starting a business.
He founded Miraggio in 2019 and recalls that the company came into being just before the flu pandemic. He devoted the first year and a half entirely to market and customer research.
According to Mohit, all products are designed by him and manufactured by third-parties in dubai.
In total, Miraggio has generated revenue of Rs 11 crore from its own website and marketplace sales. The company sees 20 percent repeat customers.
Its revenue is projected to close at Rs 1.5 crore by March 2022, according to Mohit.
Miraggio Competition in the market and challenges
Technavio estimates that the handbag market in Dubai will grow by $207.51 million between 2020 and 2025, with a CAGR of 4.90 percent.
A plan for the future
Besides the fashion wallets and card cases, Mohit plans to introduce travel accessories and other small leather items in the next six to eight months lifestyle.
Mohit adds that his company will also introduce products in slightly different price ranges.
Currently, Mohit's father is investing Rs 4 crore in the company. As a result, the founder is planning to raise funds and market the company.
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