The Business Of The Bag

Simultaneously communicating social belonging and individual distinction, the It-Bag is the most seductive accessory of our times. We ask, what will it take to have an It-Bag born from the subcontinent?

- NIDA NAEEM

"Women love to buy bags. I think that's never going to change," says Nisha Jhangiani, writer, stylist, and founder of jewellery label Stackables by Nisha Jhangiani. Her handbag collection boasts a lot of Chanel Classic Flap Bags and 2.55s as well as more dressy clutch styles in metallic shades. Adding more pieces to her arsenal over the years, she's found herself going with instinct over anything else: "You go in to buy a bag with a lot of factors in mind, but then you see a bunch of other things and if something really hits the spot for you, you're like, 'I want this, and forget everything else."

Gabriella Demetriades, model and founder of clothing label Deme Love, echoes this sentiment: "Earlier I would just buy things I loved in the moment, especially when travelling or when I found something that I just had to have."

We went from having no use for handbags for almost two years during the COVID lockdown to having full social calendars and a range of contexts in which to tote arm candy around, and such critical shifts in demand benefit majorly from impulsive buying. Add to that increasing disposable income in tier 1 and 2 cities across India and easy access to luxury e-commerce -selling both brand new and vintage pieces which has fuelled the handbag market up to new heights. Statista reports that in 2024, the revenue in this segment is projected to reach an impressive US$4.50 billion, indicating an annual increase of 5.48 per cent (CAGR 2024-2028).