Luxury handbag brand Ahikoza, used by celebrities such as Alia Bhatt, Malaika Arora and Kareena Kapoor and marketed largely through word of mouth, is looking to broaden its appeal by stitching up associations with offline retailers, founder Namrata Karad said in a conversation with FE. In April, diversified conglomerate Brahm Group, which has interests in luxury real estate, hospitality, well-being and lifestyle products among other sectors, picked up a majority stake in Ahikoza for an undisclosed amount.
The brand, which offers products in the range of around Rs 80,000-1 lakh a piece, is targeting the affordable luxury segment with price points starting at Rs 21,000 a piece, Karad said. It is also looking to grow its presence online by revamping its website to facilitate shopping across pin codes as well as increase its marketing buzz with on-ground events and curated shows, she said.
“India is a growing retail market where you have many consumer cohorts, including aspirational consumers as well as high-end buyers. While we will not take our eye off the luxury market, targeting the top end with bespoke handbags, there is a wider audience that we can reach with an affordable line of products,” Karad said. Besides, handbags priced at Rs 21,000 and above, Ahikoza has another mid-priced range at Rs 41,000 and above.
In the last few years, luxury brands across fashion and lifestyle, food, cars, home and personal care have made a beeline for India as the high-end market evolves with a growing base of high networth individuals. A report by Bain and Company notes that India’s luxury market is forecast to expand to 3.5 times its current size, reaching $85-90 billion by 2035.
Karad, who launched Ahikoza in 2016, has taken the brand, known for its prismatic shapes and jewel-toned colors, to red carpets across the world including the Oscars, Cannes Film Festival and the Grammy Awards. Apart from Bhatt, Kapoor and Arora, celebrities such as Kate Hudson, Doja Cat and Camila Cabello have carried the bag at key events.
Karad says that besides India, she is focused on markets such as West Asia, Europe and the US in terms of growing her business. Manufacturing, she says, has been split between Indonesia and India for now.