The women handbags market in India is estimated at Rs 2,000 crore. It is projected to grow at about 15 per cent annually in the next five years to Rs 4,000 crore.
The key growth drivers are: increasing number of working women, their rising incomes, increasing fashion consciousness and aspiration levels, and growing influx of foreign brands.
The Majority of the market (about 70 per cent) belongs to unbranded products, including local or regional brands. However, going forward the growth rate of the branded segment is estimated to be much higher (about 25 per cent) than the overall market.
The fairly established brands include Hidesign and Da Milano. Other brands such as Calonge, Blue & Blues and Crew Republica are relatively new in the category.
More and more consumers today prefer to shop handbags from organised retail. Retailing of handbags at airports is on the rise due to increased travel by the potential consumers.