Mumbai: Bagzone Lifestyles Pvt. Ltd., the owner of India's leading fashion accessories brand, Lavie, is pleased to announce a significant milestone in its journey towards becoming a household name. The company has successfully secured a substantial $ nine million investment from the esteemed First Bridge India Growth Fund. This strategic partnership marks a pivotal moment in Bagzone's evolution, propelling its ambitious growth plans and reinforcing its position as a market leader in the fashion accessories industry.

With this new capital infusion, Bagzone is set to fortify its internal manufacturing capabilities by establishing a state-of-the-art, 150,000-square-foot factory. Additionally, the company is embarking on an ambitious plan to expand its offline presence with the opening of 300 exclusive brand outlets. These investments will further enhance the brand's recognition and reputation through captivating marketing campaigns featuring their brand ambassadors, the dynamic Ranveer Singh for Lavie Sport and the charismatic Anushka Sharma for Lavie.

Over the next five years, Bagzone is dedicated to achieving tenfold growth, transforming into a diversified, multi-brand corporation spanning multiple product categories. Simultaneously, the company aims to achieve a 70 per cent localisation rate in its sourcing efforts while expanding its brick-and-mortar presence. This rapid expansion strategy is expected to create employment opportunities for 1,000 individuals nationwide, directly contributing to the nation's economic growth. The company also aims to penetrate Tier Two and Tier Three markets to meet the evolving demands of its customers.

Bagzone Lifestyles Pvt. Ltd CEO  Ayush Tainwala, expressed his excitement about the partnership, stating, "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 ten times 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."

First Bridge managing partner 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 organised 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."

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 per cent 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. The funds raised will be used to further bolster this growth and establish a stronger foothold in the industry.