Bagzone Lifestyles Pvt. Ltd., the parent company of Lavie, an accessories brand in India has secured a $9 million investment from First Bridge India Growth Fund. The investment will enable Bagzone to strengthen its internal manufacturing capabilities by establishing a state-of-the-art, 150,000-square-foot factory. The company plans to open 300 EBOs to expand its offline presence, captivating marketing campaigns featuring brand ambassadors Ranveer Singh for Lavie Sport and Anushka Sharma for Lavie.
Bagzone aims to achieve tenfold growth and diversify into a multi-brand corporation covering various product categories in the next five years. It is targeting a 70% localization rate in sourcing while expanding its brick-and-mortar presence, which will create job opportunities for 1,000 individuals across India. The company also plans to reach Tier 2 and Tier 3 markets to meet evolving customer demands.
Bagzone Lifestyles Pvt. Ltd is a fashion and lifestyle brand with a focus on quality, innovation, and sustainability. First Bridge India Growth Fund provides inflection capital to high-growth companies, focusing on consumer-facing businesses and niche manufacturing.
CEO of Bagzone Lifestyles Pvt. Ltd., Ayush Tainwala expressed his enthusiasm for the partnership and their growth plans.
Managing Partner of First Bridge, Vishal Kumar Gupta sees significant potential for Lavie as it operates in a market that will benefit from the shift to organized and an exponential increase in women’s consumption in the coming years.
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). The investment will further bolster Bagzone’s growth and industry presence.
