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Handbag and accessories brand Miraggio is charting an ambitious growth path, aiming to touch Rs 500 crore in revenue by FY30 as it plans to expand its offline presence across India. The company aims to open more than 100 stores over the next three to four years, with retail and D2C channels expected to become a larger part of its business.
Miraggio closed FY25 with net sales of Rs 120 crore and expects to reach nearly Rs 200 crore in the current financial year. Founder and CEO Mohit Jain said the company's next goal is to build a larger national presence.
“We want to become India’s largest brand. That is the next target for us,” Jain said.
In terms of retail expansion, the company has opened stores in Chennai and Mumbai and is now gearing up for its next outlet in Pune. It is also scheduled to open stores in Jaipur, Visakhapatnam and Bengaluru in October.
“This fiscal year we are going to open a minimum of 10-plus stores. In the next three to four years, we are looking at a minimum of 100-plus stores across pan India,” Jain said.
The planned outlets will span malls and high streets across metropolitan, tier-I and tier-II markets, with smaller cities already an important part of the brand's business — more than 50 percent of its current revenue comes from tier-II cities and beyond.
Miraggio currently operates its stores under a company-owned and company-operated model. Jain said the company intends to retain control over its retail operations and customer experience.
The expansion is expected to change Miraggio's overall channel mix. Marketplaces currently account for about 70 percent of its online business, while D2C contributes the remaining 30 percent. Once the planned store network is established, the company expects its own channels, including retail and D2C, to contribute around 60 percent of overall revenue.
“About 40 percent in the overall scheme of things would come from retail. Another 20 percent would be DTC. The DTC percentage is shrinking, but the overall size of the business would be so large that DTC would grow 3x from where it is today,” Jain said.
On the manufacturing front, Miraggio is working to increase its share of domestic production alongside its retail push. The company currently sources largely through Asian manufacturing partners and plans to raise the share of production from India to 30-40 percent within 18-24 months.
“We are now going to slowly and gradually make India a bigger part of our sourcing strategy,” Jain said.
To support its planned expansion, the company is also investing in technology, inventory management, demand forecasting and warehousing.
