Kindly shed light on your entrepreneurial journey so far. What inspires you to launch MIRAGGIO? Also, shed light on initial challenges?
Talking about my entrepreneurial journey, it is too early to share my experience as I have just started my venture where I am still holding onto new things and exposed to a wide horizon of challenges. Every day a new journey takes place. Sometimes things are favourable and sometimes things don't go according to your plan but things are great for putting it together.
Before joining this profession, I observed the fashion trend and realized that fashion in India is not only the sole right of metropolitan cities, but it is slowly and steadily reaching people living in small towns, today People of any city, whether small or big, are conscious of their outlook. They pay proper attention to their attire, footwear, accessories. Amidst all this, I felt that today's handbags are ruling the fashion industry where it complements the personality of the carrier. There is a new wave where people want to flaunt premium range handbags at affordable prices.
This is a difficult question to answer. This is often not a conscious decision, but a subconscious collection of interactive little-known things going on around us such as reading, photographs, or first-hand experiences, taking into account the shape, form, and color. Our inspiration is to create a handbag that is more of a companion for our customers which can be enjoyed on a daily basis and for many years. Since our handbags are crafted individually and conveys the only motive of Miraggio is that the material is of superior quality and the style is peerless.
The challenges faced initially were very common and similar to any business in their early stages. We struggled with searching for the right suppliers to bring ideal quality, packaging and most importantly, we had to do a lot of work on reducing prices.
According to you, what is the contribution of handbags (as the category) in the overall lifestyle fashion market? According to you, what are the factors propelling growth in this segment?
Today the handbag is not only considered as a container to hold your luggage, but the whole idea has been transformed into a style statement where it should go parallel to your dress. Furthermore, the situation has increased with the coming of the era of social media as it has been influential in changing the age-old pace of people associated with handbags as an adjunct.
Furthermore, handbags as an accessory celebrate the free-spirited nature of today's women, giving them space to portray themselves without a veil of any deception. All these factors together have given a conducive environment for the growth of handbags as an accessory segment.
Kindly tell us about your current distribution in the online as well as offline space? Going forward are the plans to scale up the distribution? Any plans to start your brick and mortar channel in near future?
Currently, we operate as an online distributor by selling our products on Amazon, Paytm Mall, Flipkart, and our own website. Currently, we have not moved forward when it comes to offline location, but we plan to collaborate with Shoppers Stop and Lifestyle in the future.
We intend to increase our distribution, for which we are trying to get platforms in portals like Myntra, Tata Cliq. Apart from this, we are also in talks with Ajio and Nykaa Fashion.
Regarding plans to come up with our own stores, things are lined up but not in near future. We definitely want to come with our own store at the airport, malls and apart from that we have our own separate showrooms, but these plans will have to wait a while.
Is this venture bootstrapped or you have raised any funds so far? Or plan to?
So far, the company is bootstrapped because we have not yet looked for any funds and also don’t intend to do so.
Handbags space is heavily dominated by the premium international brands with great aspirational call especially among HNIs. What is your strategy to counter competition?
I want to completely agree with the fact that the premium interaction brands are heavily dominated by the handbag industry and this was one of our major challenges when building the brand.
But to mark our position in the market, we came up with the idea of providing premium quality Miraggio handbags at affordable prices. This helped us to grab the attention of the customers as our bags became a source of communication which highlighted the playful, adventurous and colorful personality of the person.
In addition, our products are reliable, fashionable and modern which are not limited to a niche set of consumers. To top it all, we ensure customer satisfaction as it remains at the heart of the brand and around it, the entire philosophy of the brand revolves and evolves.
Kindly shed light on your pricing strategy and best performing range?
When pricing is talked, we have always made sure that we cater to everyone at a very reasonable price for premium quality products. Miraggio is about carrying a proud product at a pocket-friendly price, such that no one should hesitate when choosing our product. Not only are these bags an economical way to upgrade your style, but they are also made to travel with you, whatever expedition you take on.
Speaking of our best product range "Bold & Beast", is seizing the market. This bag is a sure shot depiction of your versatility with patterns and experimental cuts.
At last, kindly highlight your growth plans?
First of all, we want to expand our range of products. We want to bring more diversity that is unique as well as stylish at the same time and brings out the cool, energy, colors and confidence within our customers.
There are also plans to bring men's accessories as well from wallets to scarfs, backpacks and many more. Any new idea or concept pertaining to accessory is entertainment which reflects and defines your inner self.