Brands
Miraggio raises Rs 55 crore in Series A to bag bigger ambitions in India’s accessories game
MUMBAI: India’s fashion handbag market just found its next contender for the spotlight. Miraggio, the homegrown accessories label known for trendy handbags, secured Rs 55 crore (approximately $6.5 million) in a Series A round led by RPSG Capital Ventures and Client Associates Alternate Fund, with Prath Ventures joining the cap table.
Founded in Gurgaon, Miraggio has racked up over one million orders and plans to scale fast. With the fresh capital, the brand aims to expand its product portfolio, tap into tier two and three cities, and build a sturdy omnichannel strategy to make aspirational handbags accessible to India’s modern woman.
“We are thrilled to welcome our new investors on board and truly value their belief in Miraggio’s long-term vision. This funding marks a pivotal moment for us as we accelerate our journey toward becoming an omnichannel fashion handbag and accessories brand. With a sharper focus on delivering elevated retail experiences, expanding our product portfolio, and building deeper connections with customers across India, we’re excited to shape the next chapter of Miraggio’s growth story”, said Miraggio founder & CEO Mohit Jain.
The brand is set to launch over 500 new products in the next 18 months and expand its sourcing network across Asia. This includes strengthening supply chains across multiple countries to meet growing demand. With India’s handbag market projected to grow by $2 billion between 2024-2029, the runway appears long.
RPSG Capital Ventures Abhishek Goenka praised the startup’s ability to mix style with value. “Miraggio is rapidly emerging as a defining force in India’s fashion accessories space. In a highly fragmented and dynamic market, Miraggio stands apart in its ability to offer exceptional value for money, seamlessly combining aspirational design, quality, and experience with premium affordable pricing, making it especially relevant to India’s new-age consumers. We’ve been deeply impressed by the clarity of Mohit’s vision and are excited to support him and the team as they lead the charge towards becoming India’s go-to destination for fashion-forward accessories”.
Echoing the sentiment, Client Associates Alternate Fund Shivam Diwan added, “Miraggio has quickly captured attention with its fresh approach. Their commitment to innovation stands out, and it positions them well to make a big impact in the market. We’re excited to be a part of their journey, as we believe they have the potential to reshape the handbag and accessories industry in India. This investment is in line with our mission to support companies that are not just growing, but driving real change and offering something new to the market”.
Prath Ventures Piyush Goenka also remarked, “We see in Miraggio a rare combination of design-led thinking and execution excellence. We are proud to back a brand that is not only scaling rapidly but is also setting new benchmarks for what Indian fashion brands can achieve”.
As India’s appetite for fashionable yet functional accessories rises, Miraggio now looks to stitch together scale, relevance, and retail punch.
Brands
Estée Lauder to shed 10,000 jobs as new boss bets on digital shift
The cosmetics giant raises its profit outlook but stays silent on a possible merger with Spain’s Puig, as job cuts deepen and a three-year sales slump weighs on the turnaround
NEW YORK: Stéphane de La Faverie is not done cutting. Estée Lauder announced on Friday that it plans to eliminate as many as 3,000 additional jobs, taking its total redundancy programme to as many as 10,000 roles, up from a previous target of 7,000 announced a year ago. The company, which owns La Mer, The Ordinary, Tom Ford, and Aveda, employs roughly 57,000 people worldwide. The mathematics of what is now being contemplated is stark.
The fresh round of cuts is expected to generate a further $200 million in savings, bringing the total annual savings from the programme to as much as $1.2 billion before taxes. That money, De La Faverie has made clear, will be ploughed back into the turnaround.
A CEO in a hurry
De La Faverie, who took the helm in January 2025, inherited a company that had endured three consecutive years of annual sales declines. His response has been to move fast and cut deep. A significant portion of the latest redundancies reflects his push to reduce headcount at US department stores, long a cornerstone of Estée Lauder’s distribution model but now a channel in structural decline. In their place, he is accelerating the shift toward faster-growing online platforms, including Amazon.com and TikTok Shop, a pivot that is reshaping not just where Estée Lauder sells but how it thinks about its customers.
The numbers are moving in the right direction
Despite the pain, there are signs the medicine is working. Estée Lauder raised its profit outlook for the remainder of the fiscal year, guiding for adjusted earnings per share in the range of $2.35 to $2.45, above analyst estimates and a notable step up from the $2.05 to $2.25 range it had guided for in February. Organic net sales growth is expected to come in at 3 per cent, the company said, at the high end of the range it set out in February.
The share price tells a mixed story. After De La Faverie took charge, the stock surged nearly 60 per cent, buoyed by investor optimism that a longtime company insider could finally arrest the decline. But 2026 has been rougher: the shares have fallen 27 per cent this year, weighed down by disappointing February results and the overhang of unresolved merger talks with Spanish beauty giant Puig Brands SA. The company gave no additional details about those discussions on Friday, leaving the market to guess.
Silence on Puig
The proposed tie-up with Puig remains the most consequential unknown hanging over Estée Lauder. A deal with the Barcelona-based group, which owns brands including Carolina Herrera and Rabanne, would reshape the global luxury beauty landscape. But with nothing new to say and a turnaround still very much in progress, De La Faverie is asking investors to trust the process.
Three years of sales declines, 10,000 job cuts, and a merger that may or may not happen. At Estée Lauder, the overhaul has barely started.
