Caprese handbag crosses ` 100 crore in sales
Caprese, the mass premium ladies handbag brand from VIP Industries, has crossed ` 100 crore in sales on new designs and a value for money proposition. Since its launch in 2012, the brand has launched a premium line of handbags co-created with brand ambassador and Bollywood actor Alia Bhatt. The ‘Autumn Winter 2018’ collection is a colourful range available in different styles of totes, satchels, clutches and sling bags as well as wallets priced between ` 1,699 and ` 4, 200.
“The brand Caprese has been growing at a compound annual growth rate (CAGR) of 47%. We want to be present in both the mass and premium segments and the launch of the Alia Bhatt co-created line will help us serve the premium segment targeted at working women and affluent housewives looking for international designs in their handbags,” said Sudip Ghose, chief executive, VIP Industries.
The company is eyeing the value segment, targeted at college-goers, in the next three to six months. The range will be starting at ` 1,000, which is cheaper than a regular Caprese handbag, which starts at ` 1,800. “We want to strike a balance between the premium segment, which helps in increasing profits, and the soon-to-be launched value segment where the volume game is,” Ghose explained.
Caprese is available at more than 1,000 points of sale across the country, including select company run stores, franchisee stores, multi-brand dealers and leading department store chains like Shoppers Stop, Lifestyle, Central and Pantaloons. It is also available on e-commerce platforms like Myntra, Flipkart, Amazon, Jabong, ABOF and Tatacliq. “More than 40% of our overall sales come from e-commerce platforms, which have become one of the biggest contributors to our growth,” said Ghose.
It is interesting to note that women personal accessories brands, particularly handbag labels, have been leveraging celebrity star power to drive sales. Baggit, for instance, is endorsed by Shraddha Kapoor while Lavie by Planet Retail is promoted by Kangana Ranaut. Hidesign recently signed up actor Kalki Koechlin as its brand ambassador.
According to Euromonitor, the market size for bags and luggage in the personal accessories segment is about ` 204 billion, excluding all sports equipment bags. Between 2013 and 2018, the sector grew at a compound annual growth rate of 11.8% and is expected to grow at a of 5% by 2023.