According to Modor Intelligence report, the global fashion accessories market is projected to grow at the rate of 6.5% during the forecast period 2018-2023. Read on...
Crossing the initial hurdles while starting a business is a common phenomenon but when the first outlet does not do good and falls flat on its face, it starts questioning the intention of the entrepreneur and then opening another outlet might feel like a bigger risk than the previous one especially in the ’90s, when being an entrepreneur was much riskier.
But then what’s the fun in becoming an entrepreneur if you do not learn from your mistakes and if you do not have a strong enough encouraging story to tell to the future generation! Well, this nightmarish incident happened with Nina Lekhi, the founder, MD and chief design curator of the 30-year old accessory brand, Baggit.
In a recent interview, Nina said, “I lost all my money (in the first store) and was completely devastated. I took a step back and wrote a vision note for myself. I also noted all the mistakes I made, took more risks and went out to set up two stores right after that. Surprisingly, it helped me recover losses, and there was no looking back.”
Baggit’s Presence in India
It started its journey in 1990 and it was in 2000 that the bag and accessories brand reached large format retail stores across Mumbai and Delhi and now it has pan-India presence due to its omnichannel strategy.
Currently, the brand has 52 exclusive Baggit stores and is present in more than 1,000 retail outlets through EBOs as well as multi-brand outlets across the country. It is also available on e-commerce platforms like Myntra, Amazon, Paytm Mall etc. However, its focus now is on tier 2 and 3 cities.
According to Modor Intelligence report, the global fashion accessories market is projected to grow at the rate of 6.5% during the forecast period 2018-2023. The fashion industry is highly competitive in nature and requires continuous innovation and development especially in the case of the product design and improvement with changing consumer trends which is driving the growth of the fashion accessories market.
The growing preference for convenience, along with the rising popularity of online retail stores is driving the demand for fashion accessories across the globe.
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