A well-crafted handbag is more than just a space to carry essentials. For many women it is a form of self-expression. At Miraggio, one of India’s newest and popular luxury accessories brands, handbags are designed to honour the free-spirited woman of today. This Gurugram-based fashion startup, founded by Mohit Jain, is committed to offering world standard handbags..
Today, the home-grown handbag market has flourished, bolstered by unique storytelling, high quality products and a deep understanding of what women want. According to Tracxn, the sector has pulled in steady funding in the last 5 years, amounting to a total of $37.2 million.
As one of the leading brands in the homegrown accessories market, Miraggio is one of the most loved brands on Myntra and it is part of Myntra’s Rising Stars (MRS) program. MRS is designed to strengthen the flourishing fashion, beauty and lifestyle D2C ecosystem in India. Launched in 2023, the program has <<number TBA>> born on the internet brands that are catering to the niche demand of India’s diverse customer base.
With the support of Myntra Rising Stars, Miraggio has emerged as one of the leading luxury handbag brands in the country. With plans to establish India’s first new-age, aspirational yet accessible fashion accessories brand, Miraggio’s on the rise.
Marrying premium design with affordable prices
Miraggio was founded in 2019, when Jain noticed a significant gap in the industry – Indian consumers were looking to buy high quality products and were ready to spend disposable income to acquire them. Jain decided to bridge the gap, offering luxury bags at accessible price points. The brand was tailor-made to appeal to the new consumer — ethically sourced and innovatively designed.
Miraggio hit the ground running, once it was launched. “From the very beginning, we knew that if we wanted to stand out in the handbag market, we had to move fast and offer trendy styles. Offering trend-first styles in real time keeps our customers excited and engaged. Right now, we’re the only brand in the Indian handbag space doing this, and it gives us a real edge,” says Jain.
However, the onset of the pandemic caused challenges. Jain used the time to rethink the entire design of the brand – from products, to marketing and price point. The result dramatically improved unit economics and increased profitability. “Sometimes”, Jain says, “simple steps help us reach our goals”.
Myntra Rising Stars: essential support to scale
Jain felt partnering with the fashion-forward platform through its Rising Stars program will give him access to a large base of premium customers, who are his target audience. “Miraggio aligns with Myntra Rising Stars’ goal of nurturing next-gen brands with the potential to evolve into long-term value drivers. With the right interventions and marketing support, the brand is well-positioned to become a key contributor in the fashion accessories category”, says Maneesh K Dubey, Vice President – Category Management at Myntra..
The program has been a game changer for the brand. MRS’s resources and support have helped Miraggio resolve key operational challenges, given the brand access to valuable data insights and boosted brand visibility on the platform.
“It is the fundamental shift in purchasing power and lifestyle among millennials and working women that is truly fueling the growth of this segment. They view handbags as both functional and fashionable accessories, driving demand for a wider range of styles and brands”, says Maneesh K Dubey, Vice President – Category Management at Myntra.
Jain also highlighted the benefits of having a key account manager from Myntra,one of the key USPs of the MRS program, which made communication seamless and allowed the brand to provide quick resolutions. MRS offers dedicated strategic account management consultation, including access to insights, advisories and the chance to leverage Myntra’s expertise in brand building. “Most importantly, the program is focused on growth. It has provided us with the right tools, support, and guidance to scale Miraggio and strengthen our brand salience with customers. ,” says Jain.
What’s next for Miraggio?
Miraggio believes in moving fast, and the company is going full throttle when it comes to its plans for the future. “In the next five years, we aspire to become the largest fashion accessories brand in India, and create a legacy as India’s answer to global brands – built in India, for India”, says Jain.
The brand’s biggest bet is its aim to establish the first new-age, aspirational yet accessible, fashion accessories brand. To do so, Miraggio is focused on diversifying its product portfolio, making room for a comprehensive range of fashion accessories. While handbags remain at the heart of the company, it is aiming to introduce other lifestyle products. Capitalising on the emerging trend of bag charms, the company has recently included a new category, allowing customers to accessorise their favorite bags with luxe embellishments and quirky motifs, bringing another layer of personal expression to their look.
His years of experience leading Miraggio have taught Jain a valuable lesson. He believes that product market fit (PMF) is everything. Beyond aesthetics and design, Jain believes that a product must resonate with the audience in terms of functionality, pricing and positioning.
He counsels aspiring founders to be agile and observant, saying “My advice is simple: obsess over your customers, not just your product. Talk to them, understand their needs, and build for them. Also, don’t be afraid to fail fast and pivot—every mistake teaches you something valuable”.
Miraggio is also planning to strengthen its omnichannel presence, enhancing both online and offline touchpoints. The plans include the launch of experiential and exclusive brand stores, creating a presence on quick commerce platforms and building seamless shopping experiences across all channels.
“Innovation will continue to drive us forward, with a focus on integrating cutting-edge materials, sustainable practices, and technology into our product offerings. To further elevate our brand, we will forge strategic global partnerships, bringing exclusive and unique collections to our customers,” says Jain.
