With a clear eye on scaling up sales, home-grown bags and accessories brands have roped in big names. For instance, Baggit has roped in Bollywood actor Shraddha Kapoor as it brand ambassador. While Caprese, by VIP industries, has brought Alia Bhatt on board, and Lavie, by Planet Retail, has recently signed Anushka Sharma as its brand ambassador. The heart of the matter is, celebrities work wonders for most lifestyle categories because these women or personalities are young and successful and their values rub off on the brands they endorse.
When asked why Baggit chose, the brand’s MD Nina Lekhi explained, “Shraddha is not only relevant and a great style icon, she also brings to the table a strong individualistic perspective. She has not been afraid to speak up on issues that matter to women.” While Sudip Ghose, CEO of VIP Industries, the parent company of Caprese, was quoted, “We got Alia on board when she was very young because we wanted someone fresh and glamorous. After collaborating with her, we have witnessed a 40% rise in our sales.”
Echoing a similar tone, Sandeep Goenka, Chief Operating Officer, Bagzone Lifestyles, the parent company of Lavie said, ‘she (Anushka) is confident, smart and versatile, her vivacious persona radiates the happy vibes which is exactly what our products are about’ explained when asked about the company’s decision. He stressed, “we understand how dynamic the market is and strive to bring in the latest trends that appeal to our customers.”
According to reliable sources, women’s personal care and apparel brands invest between Rs 200 to 300 crore annually on advertising while the handbags category invests about Rs 40 to 50 crore. Evidently, there is here is an increase of nearly 30% on advertising investments by handbag brands. According to market research firm Euromonitor, the market size of bags and luggage category in the personal accessories segment is about Rs 204 billion, excluding all sports equipment bags. Between 2013 and 2018, the sector grew at a compound annual growth rate (CAGR) of 11.8% and is expected to grow at a CAGR of 5% by 2023. The rise in the female working population and accelerating incomes of the middle- and upper-income group has spiked the sale of handbags in the country.