Miraggio targets Rs 500 crore by FY30
Handbag brand Miraggio aims to open over 100 stores in 3-4 years and reach Rs 500 crore revenue by FY30. It ended FY25 with Rs 120 crore in net sales.
Handbag and accessories brand Miraggio aims to become India's largest brand, targeting Rs 500 crore in revenue by FY30. The company, which closed FY25 with Rs 120 crore in net sales, expects to reach nearly Rs 200 crore this fiscal year, according to founder and CEO Mohit Jain.
Jain stated the brand's ambition clearly. "We want to become India's largest brand. That is the next target for us," he said.
Store Expansion Strategy
Retail expansion is central to Miraggio's growth plan. The company plans to open a minimum of 10 stores this fiscal year. Over the next three to four years, it is looking at a minimum of 100-plus stores across India.
After opening its first store in Chennai and second in Mumbai, Miraggio is set to open in Pune next. Three more stores are planned for October across Jaipur, Vizag, and Bengaluru. The stores will be located in malls and on high streets across metros, tier-I, and tier-II markets.
More than 50 percent of Miraggio's business currently comes from tier-II cities and beyond. This makes smaller cities an important part of its expansion strategy. All stores are currently company-owned and company-operated. Jain indicated the company intends to maintain full control over the in-store experience for the foreseeable future.
The average store size is around 800 square feet. Capital expenditure is estimated at Rs 5,000-6,000 per square foot. This implies an investment of roughly Rs 40-48 lakh per store.
Funding and Financials
The brand raised $6.5 million in May 2025. The funding round was led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures. More than half of that capital remains available.
"For 10 stores, we have good enough money. At the right time, we'll raise more funds," Jain asserted. The company's financial targets and store investment details are summarized below.
| Metric | Figure |
|---|---|
| FY25 Net Sales | Rs 120 crore |
| Current Fiscal Year Target | Nearly Rs 200 crore |
| FY30 Revenue Target | Rs 500 crore |
| Store Expansion Target (3-4 years) | 100+ stores |
| Store Size (Average) | 800 sq ft |
| Capex per Sq Ft | Rs 5,000-6,000 |
| Investment per Store | Rs 40-48 lakh |
| Funding Raised (May 2025) | $6.5 million |
Channel Mix and Product Assortment
The expansion is expected to significantly change Miraggio's sales channel mix. Currently, marketplaces account for around 70 percent of its online business, with direct-to-consumer (DTC) sales making up 30 percent.
Once the 100-store network is built, the company expects 60 percent of overall revenue to come from its own channels. This includes retail and DTC. Marketplaces would then contribute around 40 percent.
Jain provided a detailed breakdown. "About 40 percent in the overall scheme of things would come from retail. Another 20 percent would be DTC," he said. He noted that while the DTC percentage is shrinking, the overall business size would be so large that DTC would grow three times from its current level.
Offline stores will carry a more premium product assortment. While Miraggio offers over 800 SKUs online, its physical stores carry around 150-200 SKUs. Exclusive products are planned for retail.
The online average order value (AOV) is currently over Rs 3,500. The company expects the offline AOV to reach over Rs 6,000. Tote and shoulder bags remain the largest categories, contributing 40-45 percent of revenue. Miraggio operates across 12 categories and is evaluating footwear as its next major category.
Supply Chain and Operations
The company is reshaping its supply chain to support growth. After largely sourcing products through Asian manufacturing partners, Miraggio is increasing domestic production. It targets sourcing 30-40 percent of its production from India within the next 18 to 24 months.
"We are now going to slowly and gradually make India a bigger part of our sourcing strategy," Jain stated.
Concurrently, Miraggio is investing in technology. This includes enterprise resource planning (ERP) systems, inventory optimisation, demand forecasting, and warehousing. The company has established logistics hubs in Delhi-Gurgaon, Mumbai, and Bengaluru. A hub in Kolkata is also in the pipeline.
Miraggio's strategic focus on retail and DTC channels is a key part of its plan to reach its ambitious stats. The brand's expansion into 100-plus stores will be a major factor in its future standings within the competitive accessories market.
