Worth around $5.75 million in 2021, the branded bags and accessories market is expected to reach $14.5 billion by 2024.The market was traditionally dominated by brands such as Hidesign, Da Milano, Baggit, Lavie, Michael Kors and Burbeery. However, lately, it is seeing the emergence of many new-age brands such as as Zouk, Hamelin, Miraggio and Arture.

Brands launch expansion plans

Of the above mentioned, brand Zouk was launched in 2016. It offers 150 SKUs in categories like laptop bags, office bags, handbags, sling bags, hobo bags, tote bags and wallets. This year, the brand plans to add backpacks as a new category. The designs of these backpacks will be primarily inspired from Indian motifs, prints and fabrics. They will target women in the age group of 20-45 years. Currently selling its products on marketplaces such as Amazon, Myntra and Ajio, Zouk also plans to explore offline retail this year. It aims to become a Rs 100 crore brand by the next financial year, says Pradeep Krishnakumar, Co-Founder and COO.

Launched in October 2019, Miraggio targets millennial and Gen Z women. The brand offers a wide range of handbags, crossbody bags, shoulder bags, tote bags, and clutches on its own website as well as on fashion marketplaces such as Myntra and Nykaa Fashion. It also offers sunglasses, jewelry, and small leather goods. By the end of this year, it plans to grow to more than 500 SKUs, adds Mohit Jain, Founder. It also plans to open retail stores and kiosks at airports in India this year.

Earlier focused on wallets and bags, Hamelin now also sells planter wraps and desk accessories. The brand plans to expand its home décor products portfolio this month. It uses a variety of materials such as tweed, jute, jacquard, ikat and khadi to create its products, says Madhumita N, Founder and CEO. Its bestselling products include sling bags and wallets at an average price point of Rs 1,500.

Currently selling card cases, wallets, travel accessories, sling bags and belts, brand Arture plans to foray into the backpacks category this year, followed by footwear in the coming years. The brand designs its products with a focus on functionality and minimalism. They are both sustainable and vegan, adds Shivani Patel, Founder, CEO and Creative Director

Strengthening customer profile for growth

While all these brands are growing in terms of profits, expansion is a big problem for them, says Sameer Amte, Managing Director and Lead (Retail), Accenture India. To expand their offerings, these brands need to cement their current position, customer profile, branding and packaging. Kapil Makhija, CEO, Unicommerce adds, these brands need to make their business profitable and scalable despite lack of funding. They need to focus on profitability, adoption of advanced data and analytics capabilities, omnichannel experience, and an agile, customer-centric supply chain, says Amte.