Miraggio is stepping up its offline expansion, targeting 100+ stores across India in the next 3-4 years as the handbag and accessories brand looks to make retail and DTC the larger part of its business.
“We want to become India’s largest brand. That is the next target for us,” said Mohit Jain, founder & CEO, Miraggio.
The brand, which closed FY25 with Rs 120 crore net sales, expects to reach nearly Rs 200 crore this fiscal. By FY30, it is targeting a Rs 500 crore business.
Retail is central to that plan. After opening its first store in Chennai and second in Mumbai, Miraggio is set to open Pune next, followed by three stores in October across Jaipur, Vizag and Bengaluru.
“This fiscal year we are going to open minimum 10-plus stores. In the next three to four years, we are looking at minimum 100-plus stores across pan India,” he stated.
The stores will span malls and high streets across metros, tier-I and tier-II markets. More than 50 per cent of Miraggio’s business currently comes from tier-II and beyond, making smaller cities an important part of its expansion strategy.
“So far, all our stores are company-owned, company-operated. For the foreseeable future, we would like to have full control over how we run the in-store experience,” Jain said.
The average store is around 800 sq ft, with capex at Rs 5,000-6,000 per sq ft, implying an investment of roughly Rs 40-48 lakh per store.
The brand raised $6.5 million in May 2025, led by RPSG Capital Ventures and Client Associates Alternate Fund, with participation from Prath Ventures, and has more than half of that capital still available. “For 10 stores, we have good enough money. At the right time, we’ll raise more funds,” he asserted.
The expansion is also expected to materially alter Miraggio’s channel mix. Today, marketplaces account for around 70 per cent of online business, with DTC at 30 per cent. Once the 100-store network is built, the company expects 60 per cent of overall revenue to come from its own channels, including retail and DTC, while marketplaces contribute around 40 per cent.
“About 40 per cent in the overall scheme of things would come from retail. Another 20 per cent would be DTC. The DTC percentage is shrinking, but the overall size of the business would be so large that DTC would grow 3x from where it is today,” he asserted.
Offline will also carry a more premium assortment. While Miraggio offers 800+ SKUs online, its stores carry around 150-200 SKUs, with exclusive products planned for retail.
Online AOV is currently Rs 3,500+, while the company expects offline AOV to reach Rs 6,000+.
Tote and shoulder bags remain the largest categories, contributing 40-45 per cent of revenue, while Miraggio operates across 12 categories. Footwear is now being evaluated as the next major category.
The company is also reshaping its supply chain. After largely sourcing through Asian manufacturing partners, Miraggio is increasing domestic production, targeting 30-40 per cent of production from India within 18-24 months.
“We are now going to slowly and gradually make India a bigger part of our sourcing strategy,” Jain said.
At the same time, Miraggio is investing in technology, ERP, inventory optimisation, demand forecasting and warehousing. It now has hubs across Delhi-Gurgaon, Mumbai and Bengaluru, with Kolkata also in the pipeline.
