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Bagzone, which operates in the fashion and lifestyle sector, has a portfolio of brands, including Lavie, Lavie Sport, and Lavie Luxe, with a diverse product range that spans from handbags to wallets and travel accessories.
Bagzone Lifestyles, which owns and operates fashion accessories brands, Lavie, Lavie Sport, and Lavie Luxe, has raised $9 million in funding led by First Bridge India Growth Fund.
The purpose of fundraising
According to the company's statement, the raised capital would be utilized towards fortifying its internal manufacturing capabilities by establishing a state-of-the-art, 150,000-square-foot factory. The company also plans to expand its offline presence with the opening of 300 Exclusive Brand Outlets.
Additionally, the brand plans to boost its image with engaging marketing campaigns by partnering with brand ambassadors Ranveer Singh for Lavie Sport and Anushka Sharma for Lavie
Over the next five years, Bagzone is aiming to achieve tenfold growth, transforming into a diversified, multi-brand corporation spanning multiple product categories. Simultaneously, the company aims to achieve a 70% localization rate in its sourcing efforts while expanding its brick-and-mortar presence.
The company said that it expects to create employment opportunities for 1,000 individuals nationwide, directly contributing to the nation’s economic growth. The company also aims to penetrate Tier 2 and Tier 3 markets to meet the evolving demands of its customers.
Statements:
CEO of Bagzone Lifestyles Pvt. Ltd, Ayush Tainwala, said, “We are very excited to partner with First Bridge. They come with a long track record of building many successful consumer businesses. We hope to grow 10X in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
Managing Partner of First Bridge, Vishal Kumar Gupta, said, “First Bridge is delighted to partner with Bagzone, with the maiden investment from its new fund. Lavie is already the clear market leader. They operate in a market that will benefit from the shift to organized and an exponential increase in women’s consumption in the next few years. In Ayush, we see a young and energetic founder who has a deep understanding of the accessories market in India. We are confident of a successful journey of hyper-growth with team Lavie.”
The current landscape of the handbag segment in India
According to a recent survey by Statista, ‘the handbags segment in India is projected to reach a revenue of US$4.19 billion in 2023, with an anticipated annual growth rate of 6.14% from 2023 to 2026 (CAGR 2023-2026)’.
Moreover, the parent company has observed consistent growth in customers as well as an increase in the demand for the newly launched products.
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