With designer handbags and accessories commanding thousands of dollars, the handbags industry is experiencing a boom. Today designers are including handbags in their collections. The use of handbags is predominant with women, and a rise in the woman workforce over the years has boosted its growth significantly over the years. Recently, the market experienced a shift from bigger totes to smaller, and brands are more willing to diversify their product lines. It is believed that the fashion industry is reported to have a direct impact on the latest collections of handbags that are launched as they are to complement one other.
Evidently, VIP’S Caprese reportedly has crossed Rs 100 crore in sales on new designs and a value for money proposition. Since its launch it has launched a premium line of handbags co-created. With campaigns, advanced tech gurus associating with brands and vast marketing gimmicks, Baggit has held the customer’s attention. The latter’s founder asserts that the brand is consistently coming up ideas to increase reach, spread awareness and provide consumers with standout premium products with varied ranges. In India, the Handbags market in India can be segmented into totes, shoulder bags, purses and wallets, satchels and saddles. Purses and wallets are reportedly the largest segment in terms of both revenue and volume, accounting for 34.8% and 35.4% share of the market.
Over the past few years, brands such as Michael Kors, Calvin Klein, and Kate Spade have all set up shops in big cities, providing consumers with the affordable luxury styles they could previously only pick up in the West. As a result, this segment of India’s retail industry is booming. In this issue, we have interacted with some of the distinct and upcoming brands to give you a greater view of the changing landscape.