Transcript
Transcript
Transcript
In India’s evolving fashion landscape, handbags are no longer just accessories. Their statements for aspiration, mobility and identity. Sitting at the center of this shift is a homegrown grant that is quietly reshaping the industry. Miraja. Founded in 2019, Miraja has grown into 100 crore Plaza brand, carving a niche in the middle luxury space with trend let design. And a digital first engine powering sale from metros to tier 3 towns. But what does it really take to build a homegrown brand in India that sits at the juncture of being affordable and aspirational? Today, we’re delving into the world of Miraja to not just decode the business but also its playbook and the person behind it. Mohit Jain started Miraja after a failed ecommerce tint a business. Just launched at the age of 20, funded with borrowed money with a fresh marketing degree from Canada, he quickly spotted a larger opportunity in India’s underserved handbag market. Stylish, well made handbags prized for the working woman. After drop shipping, I actually wanted to create a more long term sustainable branded business. In the handbag specifically, there were actually a lot of opportunity gaps and problems. One of them not being able to have aspirational bags with affordable price point. That’s what exactly Miraj is trying to solve. So we became the first brand to be launching bags every month in India. Functionality and style, people had to choose out of the booth. I think we merged the booth. You know, Miraja was often. This cribed as being the free spirited women of today. So I want to understand if you could elaborate on this. But who is your muse and how does she influence your design? New age women of India or these are people who are self aware, who are fashion conscious, who wants to look good, who are self independent Customer is a part of every everyday process. But specifically to design, I think we do understand every persona behavior, usage of bags really really well and accordingly design the bags. So for example. Spoke women right they they like to go to the bar on Wednesdays or Fridays in in tier one cities after the work. So we have designed bags which are also work friendly, but also bags that you can actually take to the bars. So which is more stylish as well as function from clutches to micro bags. Mirage offers over 500 SKUs put plans to nearly double that this year. Tell me what are the top three best selling products of Miraja Dennis. Vote back. It has now its own Dennis 2.0 version as well. E towed back and then very recently we launched and became one of the most hit was ice cream micro bags. So it comes in four different flavors or four different colors. So pistachio micro bag or a vanilla micro bag or the most highest selling bags at this point in time. What does your average cart value order would look like and what’s the price point that you’re playing in? We are sort of. Mass premium to premium range, we have offerings starting as low as ���1000 goes up till ���6000 and you will soon see 7 and 8000 rupees offerings as well. So average order value one bag would be about 3000 to 3300 price point. Miraja clocks 50 to 60,000 monthly orders with over 1,000,000 units sold to date. Its supply chain spans China with plans of expanding new capacity to Vietnam and Myanmar. Radio is doubling down on brick and mortar with $6.5 million in fresh capital. It plans to launch flagship stores, expand warehousing up there, quick commerce flake and deepen its product lines, including tech upgrades and leadership hiring. What’s the target of opening stores by the end of this year? If I have to ask, how many stores are you targeting within two years? We’re looking at about 15 to 20 stores of Mirage Jio in India. Tier one cities, of course, to begin with, because 50% of our consumers comes from tier one cities. So I think that’s. There’s a good start to begin with, but also Tier 2 cities as well. Rajio Score audience is 24 to 35 years old women with half their orders coming from tier one cities. While 30% of its revenue comes from their own website, the remaining is from marketplaces. With retail expansion, the company aims to take the revenue share to over 60% from its own sales channels in the next two to three years. Your revenue has dropped from 14.3. To rupees in at 523 to 29 point ���8,00,00,000 and FY24. I want to understand what have been some of the growth drivers there? What’s the path to profitability for you? And by the end of this year, where do you see your top and bottom line? First of all, we are almost break even company. We don’t believe in burning money and growing the sales. This year we have done about 132% growth. Again. By the end of this year, we will also be targeting another 100% growth as well. For the company’s pass through profitability is is I think very soon for us or can’t say it’s gonna be one year or two year. But I think the way we are working for the brand, our approach has always been having a very, very strong unit economics. Of course we are at a growth stage. A lot of corporate overheads and stuff are going to increase. But there are two a manner where everything keeps it close to break even. Despite showing up at cans and global events, the team isn’t looking West. Just yet. Instead they’re chasing untapped growth in Pirates Tier 2 and Tier 3 markets. One of the biggest in the first aspiration for us is to create a global standard brand in India out of India for India, first of all. And I feel India is really a big market for us to scale brand. And as of today, we don’t plan to go in, in the coming time, I would say at least not planning any global expansion. If we plan to go sometime to global markets, I think we would probably go to more less saturated market or more like Middle East, which are more upcoming market. India’s handmade market is projected to hit over a billion dollars in size 520 thirty. While global players still dominate the premium shelf, the DJ PC players are building niche empires. Miraja’s playbook, which was built on fast design cycles, monthly drops and Omni channel expansion, signaled what the modern Indian retail segment could look like. Next with cameraperson Gaurav sargi Ishwaran infancy NBC TV 18.
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