Ed­i­tor’s Let­ter

Shoes & Accessories - - Contents - AMITABH TANEJA Ed­i­tor-in-chief

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.

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