The handbag and accessories brand is betting on company-owned retail, premium experiences and a stronger D2C mix to build one of India’s largest fashion accessory businesses.
Miraggio is stepping up its offline expansion strategy as it targets more than 100 stores across India over the next three to four years, with an ambition to build a ₹500 crore business by FY30.
The handbag and accessories brand, which closed FY25 with ₹120 crore in net sales, expects to reach nearly ₹200 crore this fiscal before scaling significantly through its retail and direct-to-consumer (D2C) channels.
“We want to become India’s largest brand. That is the next target for us,” said Mohit Jain, Founder and CEO of Miraggio.
Retail will be central to that growth strategy. After opening its first store in Chennai and second in Mumbai, Miraggio is set to expand to Pune, followed by three stores in Jaipur, Vizag and Bengaluru in October. The company plans to open at least 10 stores during the current fiscal year.
Over the next three to four years, Miraggio aims to build a network of 100-plus company-owned stores across malls and high streets in metro, Tier-I and Tier-II markets. More than 50% of its current business already comes from Tier-II cities and beyond, making smaller markets an important part of its expansion strategy.
The company is deliberately opting for a company-owned and company-operated model to retain greater control over the in-store experience.
The average Miraggio store is expected to span around 800 sq ft, with capex of ₹5,000–6,000 per sq ft, translating into an investment of approximately ₹40–48 lakh per store.
The offline expansion is also expected to reshape Miraggio’s channel mix. Marketplaces currently contribute around 70% of its online business, while D2C accounts for 30%. Once the 100-store network is established, the company expects 60% of overall revenue to come from its own channels, including retail and D2C, with marketplaces contributing the remaining 40%.
Offline stores will also carry a more premium assortment. While Miraggio offers over 800 SKUs online, physical stores will stock around 150–200 SKUs, including products exclusive to retail. Offline AOV is expected to exceed ₹6,000, compared to ₹3,500+ online.
Tote and shoulder bags remain the largest categories, contributing 40–45% of revenue, while footwear is being evaluated as the next major category.
Alongside retail expansion, Miraggio is investing in technology, ERP, inventory optimisation, demand forecasting and warehousing. It is also increasing domestic production, targeting 30–40% of sourcing from India within the next 18–24 months.
Having raised $6.5 million in May 2025, Miraggio believes it has sufficient capital for its immediate expansion plans—signalling a shift from marketplace-led growth towards a more controlled omnichannel brand-building strategy.
Source: Based on reporting by ET Retail, with additional editorial adaptation and analysis.
