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Indian Ladies Handbag Industry Report

August 2014

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Indian Ladies Handbag Industry Report

Table of Contents

Particulars
1. Executive Summary

Page Nos.
4

2. Ladies Handbag Industry Overview


2.1. Market Opportunity

2.2. Growth Drivers

3. Business Dynamics
3.1. Business Model

3.2. Buying Criteria

12

3.3. Key Success Factors

14

3.4. Key Challenges

17

4. Competitive Mapping
4.1. Market Segments

19

4.2. Spread of Brands across Market Segments

20

4.3. SKU concentration of Brands across Market Segments

22

4.4. Brand Positioning and Distribution

24

5. Select Interviews

27

6. Consumer Survey
6.1. Overall

35

6.2. Market segments

40

6.3. Region wise

45

6.4. Tier I Cities

53

7. Equity transaction
7.1. Hidesign

60

Indian Ladies Handbag Industry Report

Particulars

Page Nos.

8. Indian Market Player Profiles


8.1. Adamis

61

8.2. Major Brands (Aldo, Charles & Keith, Guess)

65

8.3. Alessia 74

74

8.4. Baggit

77

8.5. Blue & Blues

82

8.6. Caprese

87

8.7. Da Milano

90

8.8. Esbeda

94

8.9. Fiorelli

98

8.10. Gucci

101

8.11. Hidesign

106

8.12. Holii

112

8.13. Lavie

117

8.14. Lino Perros

122

8.15. Louis Vuitton

127

8.16. Peperone

132

8.17. Rhysetta

135

9. International Players
9.1. Brief Overview of International Players

140

9.2. Case Study - Prada

145

10. Annexure

149

Indian Ladies Handbag Industry Report

1. Executive Summary

Indian Ladies Handbag Industry Report

2. Ladies Handbag Industry Overview


2.1.

Market Opportunity

The market opportunity for Ladies Handbag as derived in this report extends to urban consumers from Tier 1,
Tier 2 and Tier 3 cities. Below is the tabulation of the market size across urban Tier 1, 2 and 3 cities:
No.
1

Urban Conglomeration

No of Cities

Market Size (Rs. Mn)

Tier 1 Cities
NCR
MMR
Bangalore
Pune
Kolkata
Ahmadabad
Hyderabad
Chennai

Tier 2 Cities

Tier 3 Cities
Grand Total

Source : Reevolv Consumer Survey, Reevolv Research, Mckinsey Global Institute - Indias urban awakening report

Tier 1: Delhi-NCR,MMR (Mumbai Metropolitan Region Mumbai, Navi Mumbai, Thane) Kolkata, Bangalore, Chennai, Hyderabad, Pune,
Ahmadabad (cities with population of more than 5 million).
Tier 2: Agra, Allahabad, Amritsar, Aurangabad, Bhopal, Coimbatore, Chandigarh, Dhanbad, Durg-Bhilainagar, Vishakhapatnam, Gwalior,
Indore, Jabalpur, Jaipur, Jamshedpur, Jodhpur, Kannur, Kochi, Kanpur, Kollam, Kota, Kozhikode, Ludhiana, Madurai, Malappuram,
Lucknow, Meerut, Nashik, Patna, Nagpur, Raipur, Rajkot, Ranchi, Srinagar, Surat, Thiruvananthapuram, Thrissur, Tiruchirappali,
Vadodara, Varanasi and Vijaywada. (Cities with population of 1 to 5 million).
Tier 3: Ajmer, Aligarh, Amravati, Asansol ,Bareilly, Belgaum, Bhavnagar, Bhubaneswar, Bikaner, Bokaro, Cuttack, Dehradun, Durgapur,
Erode, Firozabad, Gorakhpur, Gulbarga, Guntur, Guwahati, Hubli-Dharwad, Jalandhar, Jammu, Jamnagar, Jhansi, Kolhapur, Malegaon,
Mangalore, Moradabad, Mysore, Nanded, Nellore, Puducherry, Rourkela, Saharanpur, Salem, Sangli, Siliguri, Solapur, Tiruppur, Ujjain,
Warangal (cities with population of 0.5 to 1 million).

Indian Ladies Handbag Industry Report

2.2.

Growth Drivers

Indian Ladies Handbag Industry Report

3. Business Dynamics
3.1.

Business Model

The graphical representation of the prevalent business model in Ladies Handbag industry is depicted below:

Diagram

3.2.

Buying Criteria

3.3.

Key Success Factors

3.4.

Key Challenges

Indian Ladies Handbag Industry Report

4. Competitive Mapping
4.1.

Market Segments

The graphic representation of the segments is as under:

Diagram

4.2.

Brand Spread across Market Segments

Leather Handbags:
The leading leather handbag brands as populated in the table below with the products across market
segments.
Mass

Brand

(<Rs 2500)

Adamis
Blue and Blues
Da Milano
Gucci
Hi-design
Holii
Louis Vuitton

Semi Premium

Premium

(Rs 2501 Rs
4500)

(Rs 4501 Rs
7000)

Luxury
(>Rs 7000)

Indian Ladies Handbag Industry Report


Non-Leather Handbags:
The number of brands in non-leather segment is considerably higher compared to leather. For analysis
purpose, only leading brands have been considered. The same brands are covered under the company
profiles section of this report.

Brand
Aldo
Alessia74
Baggit
Caprese
Charles&Keith
Esbeda
Fiorelli
Guess
Lavie
LinoPerros
Peperone
Rhysetta

Mass

SemiPremium

Premium

Luxury

(<Rs1500)

(Rs1501Rs3000)

(Rs3001Rs4500)

(>Rs4500)

Indian Ladies Handbag Industry Report

4.3.

SKU concentration of Brands across Market Segments

Leather Handbags:
The SKU concentration of respective brands across market segments can shed further light on the target
segments of the brands. The graphical representation of SKUs across brands and market segments is shown
below:

Diagram

Non-Leather Handbags:

Diagram

4.4.

Brand Positioning and Distribution

Leather Handbags:
The table below populates the various brands with their brand position, target customers and distribution
mechanisms, along with the segments their respective products cater to.

Brand

Positioning

Target Customer

Significant
Presence

Distribution

SP

Adamis
Blue & Blues
Da Milano
Hi-design
Holii
M - Mass Segment (<Rs 2500), SP - Semi Premium (Rs 2501 Rs 4500), P - Premium (Rs 4501 Rs 7000), L - Luxury (>Rs 7000), EBO Exclusive Brand
Outlet, MBO Multi Brand Outlet, CECP Company owned E-com Portal ,OEC - Other E-Com Portals, TC Traditional Channels of retailers and
wholesalers, NS Not Specific, NA Not available

10

Indian Ladies Handbag Industry Report


Non-Leather Handbags:
Brand

Positioning

Target Customer

Significant
Presence

Distribution

SP

Aldo
Alessia 74
Baggit
Caprese
Charles & Keith
Esbeda
Fiorelli
Guess
Lavie
Lino Perros
Peperone
Rhysetta
M Mass(<Rs 1500), SP - Semi Premium(Rs 1501 Rs 3000), P Premium(Rs 3001 Rs 4500), L Luxury(>Rs 4500) EBO Exclusive Brand
Outlet, MBO Multi Brand Outlet, CECP Company owned E-com Portal ,OEC - Other E-Com Portals, TC Traditional channels of retailers and
wholesalers, NS Not Specific, NA Not available

Key Takeaways:

11

Indian Ladies Handbag Industry Report

5. Select Interviews
Store Manager , Luxury Brand
Questions

Answers

What is the change in customer profile for luxury handbags?


What are the buying criteria of an individual who buys luxury
handbags?
What is the buying process of luxury hand bags in India?
What are the key attributes of sales team in luxury?
What is important while selling luxury handbags?
How important is training for your sales team?
Who are your target consumers?
Is there any seasonality?
What is your branding strategy in India?
How do the luxury brands choose location for store?
Do you believe that there is market in Tier II cities?
What is the impact of E-Commerce?
How does your distribution network work?
How do they deal with counterfeits?
What is the difference between luxury brand and fashion brand?

COO of Leading Brand


Questions
What was the premise on which you launched brand Lavie for
handbags in India?
What are the challenges faced?
What is the idea behind brand extension to footwear?
What is the differentiation of brand Lavie?
Do you see ecommerce as a challenge?
How different is the global handbag consumer vs. Indian
consumer?
Do you have in-house production?
What are the critical factors?

12

Answers

Indian Ladies Handbag Industry Report

Brand Manager , Leading Leather Handbag Brand


Questions

Answers

What are the key buying criteria of customers?


How often do customers buy handbags in a year?
What do customers look for in leather handbags?
How important is sales / discounts season for your brand?
What is the profile of your target customers?
What are the changes you have incorporated in product to
increase your customer based?
What are the challenges faced by you in the handbag industry?
Is handbag purchase an impulsive decision?
What is the impact of e commerce in Indian handbag industry?
What according to you is the difference between shopping
experience in department stores and e- commerce portals?
How do you plan to address the challenges from the e-commerce
portals?
How often do you come out with a new collection in a year?
How important is the role of sales executive?
What is your company outlook on brand extension?

Owner of Retail Shop


Questions
What kind of store you have?
What kind of products do you offer to your customers?
What is the price range of the products?
What kind of material product do you sell?
What is the demand for synthetic and leather goods?
What kind of customers you have?
What do these categories look for in a product?
What is the share of customers buying for utility and for fashion?
How many handbags do your customers buy per year?
What is the average sales price for your products?
From where do you source your goods?
From where do players procure handbags?
What is the kind of customer base you have?
Do you think there is competition from malls etc.?
What do you think about handbags sold by hawkers?
What is the product life for normal usage?

13

Answers

Indian Ladies Handbag Industry Report

Is there any warranty policy?


How many of your customers demand products from specific
brands?
What are the brands that customer are aware of?
What do you feel is the reason for the same?
Which are the Indian brands that customers are aware of?
What are the key buying criteria for handbag?
How does a woman typically buy a handbag?
How important is quality?
What is the area of your retail outlet?
How many sales person you have and what is the salary?

Owner of Handbag Brand


Questions
How different is the northern handbag market to western,
southern or eastern handbag market across India?
How do you think the handbag industry will pan out in India?
What are the critical success factors in the handbag industry?
What are the gaps/challenges in the handbag industry in India?
What are the consumer buying criteria across the segments such
as house wife, working women, students etc.?
Is handbag purchase an impulsive decision? Do customers in
India have a tendency to wait for a sale/ discount season before
making a purchase?
On what parameters are companies differentiating their products?
What is your target customer profile in India?
How often do you come out with a collection?
What is your distribution strategy?
What according to you are the advantages of having owned
stores/exclusive brand outlet in India?
How do you think the ecommerce platform will affect the industry?
Does having your ecommerce platform better than listing in
general websites Flipkart, Amazon etc.
What are your future plans?
How do you differentiate yourself from the brand clutter on e-com
websites?
How do you deal with touch and feel needs of the customers,
especially when selling the products on e-com websites?

14

Answers

Indian Ladies Handbag Industry Report

Designer - Ladies Handbag


Questions
What are the key considerations while designing a handbag?
What is the business model adopted by companies?
What are the advantages of outsourcing production to Southeast
Asian countries? Why are the companies not sourcing the
products domestically?
What are the sales channels adopted by the companies?
Is there any seasonality in the handbag sales?
What are the key buying criteria across consumer segments?
How many times do brands launch their collection?
What according to you are consumer preferences for Leather and
Non Leather Handbags?
What are the typical gross margins across value chain in ladies
handbag?

15

Answers

Indian Ladies Handbag Industry Report

6. Consumer Survey
Below are the results of the primary survey of women customersacross age groups.The respondents are
from tier 1, 2, 3 and other cities across India. The sample size is xxx. The results of this survey are in four
parts as under:

6.1.

Overall

1. How many handbags does she buy?

2.

From where does she prefer to buy handbags?

3. At what price does she buy handbags and how long does she use it?
Casual vs. Formal vs. Party / Evening / Special Occasion Handbag

4. What does she look before buying handbags?

5. When does she buy handbags?

6. In handbags which are the top brands does she buy? And Why?
Brands

Awareness

Usage

Pricing

Variety

Quality

Baggit
Caprese
Hidesign
Lavie
Esbeda

7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?

8. Does she buy handbags online and from where? If No, is she willing to buy in the future?

16

Indian Ladies Handbag Industry Report

6.2.

Market Segment

The handbag market can be mainly be categorized into three broad segments Students, Housewife and
Working woman.
1. How many handbags does she buy?
2. From where does she prefer to buy handbags?
Branded
shops

Malls/ Dept.
stores

Local
shops

Hawkers

Exhibitions

Hotels

Online

Housewife
Student
Working Woman

3. At what price does she buy handbags and how long does she use it?

Housewife
Casual
Price (INR)
Duration of Usage(Year)
Formal
Price (INR)
Duration of Usage(Year)
Party/ Evening / Special Occasion
Price (INR)
Duration of Usage(Year)

4. What does she look before buying handbags?


5. When does she buy handbag?

17

Student

Working Woman

Indian Ladies Handbag Industry Report

6. In handbags which are the top brands does she buy? And Why?
Usage

Awareness

Price

Variety

Quality

Baggit
Housewife
Student
Working Woman
Caprese
Housewife
Student
Working Woman
Hidesign
Housewife
Student
Working Woman
Lavie
Housewife
Student
Working Woman
Esbeda
Housewife
Student
Working Woman

Consumer Views on Top Brands :


Baggit
Caprese
Hidesign
Lavie
Esbeda

7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?
8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
Housewife
Students
Working Women

18

Indian Ladies Handbag Industry Report

6.3.

Region Wise

1. How many handbags does she buy?


North

East

West

South

Overall
Housewife
Student
Working Woman

2. From where does she prefer to buy handbags?


North
Malls/ Dept. Stores

East

Comparative preferences across regions


Segment preference for the channel
Comparative preferences across regions

Branded shops

Segment preference for the channel


Comparative preferences across regions

Local shops

Segment preference for the channel


Comparative preferences across regions

Exhibitions

Segment preference for the channel


Comparative preferences across regions

Hawkers

Segment preference for the channel


Comparative preferences across regions

Online

3.

South

Segment preference for the channel

At what price does she buy handbags and how long does she use it?
Price

Causal Handbag
Formal Handbag

Party / Evening / Special Occasion Handbag

4. What do I look before buying handbag?


5. When does she buy handbag?

North
East
West
South

19

Duration

West

Indian Ladies Handbag Industry Report

6. In handbags which are the top brands does she buy? And Why?
Rank as
per Usage

Brands

North
Baggit
Caprese
Hidesign
Lavie
Esbeda
South
Baggit
Caprese
Hidesign
Lavie
Esbeda
West
Baggit
Caprese
Hidesign
Lavie
Esbeda
East
Baggit
Caprese
Hidesign
Lavie
Esbeda

Top Brands Highlights


North
East
West
South

20

Usage

Awareness

Price

Variety

Quality

Indian Ladies Handbag Industry Report

7. Does she struggle to find a handbag? What according to her are the gaps in the handbag
industry?
Sometimes

Never

Always

Sometimes or Always

North
East
West
South

8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
North
East
West
South

Women who have bought handbags online

21

Indian Ladies Handbag Industry Report

6.4.

Tier I Cities

1. How many handbags does she buy?

Tier I Cities

No. of handbags bought

Price - Casual Handbag


(INR)

(per annum)

Duration for which handbag


is used (Years)

Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

2. From where does she prefer to buy handbags?


Tier I Cities
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

Comments
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

22

Branded
shops

Malls/ Dept.
stores

Local
shops

Hawkers

Exhibitions

Hotels

Online

Indian Ladies Handbag Industry Report

3. At what price does she buy handbags and how long does she use it?
Casual handbag
Price
(INR)

Party/Evening/Special
Occasion Handbag

Formal Handbag

Duration
(Years)

Price
(INR)

Duration
(Years)

Price
(INR)

Duration
(Years)

Style/ Design

Comments

Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad
Casual handbag Formal handbag Party/Evening/Special Occasion Handbag -

4. What does she look before buying handbags?


Durability/ Quality

Price

Brand

Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

5. When does she buy handbags?


Tier I Cities
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

23

Sale /
Discount

New designs/
Patterns/
Colour

Want to match
with current
trends

Impulse
purchase

Whenever you
need them

Comments

Indian Ladies Handbag Industry Report


6. In handbags which are the top brands does she buy? And Why?
Rank
as per
Brands
Usage
Awareness
Price
Variety
Quality
Usage
Mumbai
Baggit
Caprese
Hidesign
Lavie
Esbeda
Delhi
Baggit
Caprese
Hidesign
Lavie
Esbeda
Pune
Baggit
Caprese
Hidesign
Lavie
Esbeda
Hyderabad
Baggit
Caprese
Hidesign
Lavie
Esbeda
Bengaluru
Baggit
Caprese
Hidesign
Lavie
Esbeda
Kolkata
Baggit
Caprese
Hidesign
Lavie
Esbeda
Chennai
Baggit
Caprese
Hidesign
Lavie
Esbeda
Ahmadabad
Baggit
Caprese
Hidesign
Lavie
Esbeda

24

Comments

Indian Ladies Handbag Industry Report

7. Does she struggle to find handbags? What according to her are the gaps in the handbag
industry?
Struggle to find handbag

Gaps in handbags

Tier I Cities
Sometimes

Never

Always

Variety

Design/
Colours

Price

Quality

Availability

Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

8. Does she buy handbags online and from where? If No, is she willing to buy in the future?
Tier I Cities
Mumbai
Delhi
Pune
Hyderabad
Bengaluru
Kolkata
Chennai
Ahmadabad

25

Percentage of women
who have bought online

Percentage of women who have not


bought online but are willing to buy

Top Websites

None

Indian Ladies Handbag Industry Report

7. Private Equity Deal - Hidesign India


Month & Year
Investor
Investor Company Name
Instrument 1
Instrument 2
Amount invested Instrument 1 (Rs. Mn)
Amount invested Instrument 2 (Rs. Mn)
Total Amount invested (Rs. Mn)
Instrument 1 Equivalent stake (%)
Instrument 2 Equivalent stake (%)
Total equivalent stake (%)
Primary stake %
Secondary stake %
Cumulative stake %
Source : Company Filings and Reevolv Research

Month & Year


(Rs. Mn)
Pre-money
Debt
Cash and cash equivalents
Net Debt
EV
Post-money

Revenues
EBITDA
PAT
ROCE %
ROE %

EV/ Sales (x)


EV/EBITDA (x)
PE (x)
Source : Company Filings and Reevolv Research
Note :

Enterprise Value has been calculated based on Pre-money valuation as we have assumed that the funds invested will take
at least a year to yield profitability

*** - Enterprise Value has been calculated based on Gross Debt assuming that funds raised have not been fully deployed

26

Indian Ladies Handbag Industry Report

8. Market Player Profiles

8.1

xxx

8.1.1. Overview
Description
Company Name
Founder
Year of Inception/

Inception

Incorporation

Incorporation

About Company /
Brand
Brand(s)
Total no. of Outlets
Production Facilities
Raw Material
Types of Handbag
Distribution
Online Sales
Future Plans
Source Company Website and Reevolv Research

27

Indian Ladies Handbag Industry Report

8.1.2. Location

Tier I Cities

Tier II Cities

State Wise Presence

Region Wise Presence

Source Company Website and Reevolv Research

8.1.3. Product Mix


Type of handbags

Source Company website and Reevolv Research

28

No. of SKU's

Price Range (in Rs.)

Indian Ladies Handbag Industry Report

8.1.4. Financials
Profit & Loss Account for the year ended 31st March (Rs. Mn)
FY2009

FY2010

FY2011

FY2012

FY2013

Revenues from Operation

Other Income

Total Revenues

Cost of Materials Consumed

Rent, Rates and Taxes

Administrative and General Expenses

Employee Expenses

Selling and Distribution Expenses

Other Expenses

Total Expenditure

EBITDA

Depreciation

EBIT

Interest

Profit before Prior Period Items and Tax

PBT

PAT

29

Indian Ladies Handbag Industry Report

Balance Sheet as at 31st March (Rs. Mn)


FY2009

FY2010

FY2011

FY2012

FY2013

Share Capital
Share Application Money
Reserves & Surplus
Shareholders Funds
Secured Loan
Unsecured Loan
Loan Funds
Deferred Tax Liability
Total Liabilities
Gross Block
Net Block
Capital work in progress
Investments
Inventories
Sundry Debtors
Other Current Assets
Total Current Assets & Advances excl. Cash & Bank
Current Liabilities
Provisions
Total Current Liabilities & Provisions
Net Working Capital excl. Cash & Bank
Cash & Bank
Net Working Capital incl. Cash & Bank
Total Assets
Source: Company Filings, Totals may not tally due to rounding off errors

30

Indian Ladies Handbag Industry Report

Key Ratios
Expenditure Ratios
Cost of material consumed as a % of Total Revenues
Rent, Rates and Taxes as a % of Total Revenues
Administrative & Other Expenses as a % of Total Revenues
Employee Expenses as a % of Total Revenues
Selling and Distribution Expenses as a % of Total Revenues

Profitability Ratios
EBITDA %
EBIT%
PBT %
PAT %

Return Ratios
ROCE %
ROE %

Financial Ratios
Total Debt / Net Worth
Secured Debt / Net Worth
Total Debt / EBITDA

Turnover Ratios
Working Capital Turnover Ratio
Net Fixed Assets Turnover Ratio
Inventory Days
Debtors Days
Source: Company Filings and Reevolv Research

31

FY2009

FY2010

FY2011

FY2012

FY2013

Indian Ladies Handbag Industry Report

9. International Players

9.1 Brief Overview of International Players

9.1.1 Coach
Description
Company Name
Brand(s)
About Company/Brand
Popular Products
Target Market
Market Strategy
Geographical presence
Source : Company Website and Reevolv Research

32

Indian Ladies Handbag Industry Report

9.2

Case Study - Prada

XXXX
The Origin/Start
Management Transition

Key Business Challenges and the way out

No.

Challenge

The Growth engine

Current status
Future plan:

Impressive last three years growth of Prada

Learnings for peers

33

Prada Strategy

Indian Ladies Handbag Industry Report

10 Annexure
10.1 Ratios
Key Ratios
Cost of Material Consumed
Cost of Material Consumed %

X 100
Total Revenues
Employee Expenses

Employee Expenses %

X 100
Total Revenues
Selling & Distribution Expenses

Selling & Distribution Expenses %

X 100
Total Revenues
Administrative Expenses

Administrative Expenses %

X 100
Total Revenues
EBITDA

EBITDA %

X 100
Total Revenues
EBIT

EBIT %

X 100
Total Revenues
PBT

PBT %

X 100
Total Revenues
PAT

PAT %

X 100
Total Revenues
EBIT

ROCE %

X 100
Capital Employed
PAT

ROE %

X 100
Net Worth

Capital Employed

Total of Asset / Liabilities


(Liabilities = Shareholders funds + Loan Funds + Deferred Tax + Minority Interest)

Total Revenues
Working Capital Turnover Ratio
Net Current Assets excl Cash Bank
Total Revenues
Net Fixed Assets Turnover Ratio
(Net Fixed Assets excl Capital Work in Progress)
Inventory
Inventory Days

X 365
(Cost of Material Consumed)
Debtors

Debtors Days

X 365
Total Revenues

34

Indian Ladies Handbag Industry Report

10.2

Abbreviations

Description
Bn

Billon

CAGR

Compound Annual Growth Rate

CCD

Compulsory Convertible Debentures

CCPS

Compulsory Convertible Preference Shares

CECO

Company owned E-Commerce portal

CY

Calendar Year

EBIT

Earnings before interest and tax

EBITDA

Earnings before interest, tax, depreciation and amortisation

EBO

Exclusive Brand Outlet

EV

Enterprise value

FY

Financial year

Luxury

LFR

Large Format Retail

Mass segment

MBO

Multi Brand Outlet

MMR

Mumbai Metropolitan Region

Mn

Million

NA

Not available

NCR

National Capital Region

NM

Not meaningful

NR

Not relevant

NS

Not specific

OEC

Other e-commerce portal

Premium

P/E

Price to earnings

PAT

Profit after tax

PBT

Profit before tax

ROCE

Return on capital employed

ROE

Return on equity

SP

Semi premium

TC

Traditional channel

35

Indian Ladies Handbag Industry Report


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solutions to our clients.
With a host of implementation focused services spanning across functions, we ensure that our clients reach
the desired goals and objectives in most efficient manner. We achieve sustainability of our initiatives by an all
round involvement of the client resources. This approach of an integrated improvement helps build a strong
foundation for the forward leap of our clients. Reevolv understands and acts upon the Strategic, Financial and
Operational needs of the clients on a regular basis to ensure adaptability and flexibility to suit the market and
industry dynamics.
Founded in 2008, Reevolv is a team of CAs, MBAs and Engineers with functional and industry expertise and
diverse background of investment banking and management consulting.
Disclaimer
This report is published for information only. Reevolv Advisory Services Private Limited or any of its affiliates,
group companies, directors, employees, agents or representatives shall not be liable for any loss or damages
whether direct or indirect

that may arise from or in connection with the use of the information in this

document. This document is the sole property of Reevolv Advisory Services Private Limited

and prior

permission is required for full or part reproduction.This information is strictly confidential and is being
furnished to you solely for your information. This information should not be reproduced or redistributed or
passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for
any purpose.

Contact Details
For any queries or detailed information
contact us on +91 22 2436 3161 / +91 22 6002 2001 or email at research@reevolv.in
Address: B/002, Vision Court Staney Fernandes Wadi Co-operative Housing Society Limited, Final Plot No.
746, OPN 115 T.P.S., M.T.N.L. Exchange Lane (College Street), Dadar West, Mumbai 400 028

You can also email the research analyst at


Shilpa Bhattar
shilpa@reevolvindia.com, shilpa@reevolv.in

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