ICON Wants To Make A Dent In India’s Luggage And Bags Industry
SUMMARY
Eyeing a juicy chunk of this growing market is ICON, a D2C luggage and bags brand launched in 2023, which claims to be plugging the innovation gaps of the industry.
ICON’s diverse product portfolio includes hard luggage, backpacks, and handbags, with a unique selling point of a wide-handle design that distinguishes it from traditional narrow-handle options.
Recently, the startup raised $1.2 Mn (INR 10 Cr) in a seed funding round led by DSG Consumer Partners and a clutch of angel investors.
The rise of the Indian D2C wave, triggered by the influx of uncountable new brands, has started to push legacy brands into a tight corner. A case in point is VIP Industries, which despite its 50-year-old legacy in the Indian luggage & bags market appears to be losing its share in the market expected to generate a revenue of $3.32 Bn by 2029, growing at a CAGR of 11% from 2024.
Per a Forbes report published earlier this year, the country’s largest luggage and travel accessories manufacturer, VIP Industries, has been losing its market to smaller players for nearly five straight financial years.
The report adds that while Safari Industries bloated its market to 24% in April-December 2022 from 16.7% in the year ended March 2019, VIP Industries took a 7.5% hit during the same time to settle around 44%.
Now, there is no denying that players like VIP Industries, Safari Industries, American Tourister, Aristocrat, and Samsonite have captured most of the Indian luggage and bags space. However, their dominance is now being challenged by the growing D2C wave in India.
What would substantiate the statement is that new-age brands like Mokobara, Acefour Accessories, Nasher Miles, EUME, and Assembly — flush with investor capital — are becoming the new travel companions for Indians. These brands are riding on innovation and winning Indian hearts with unique designs, global styles and new-age customer preferences.
Eyeing a juicy chunk of this growing market is ICON, a D2C luggage and bags brand launched in 2023, which claims to be plugging the innovation gaps of the industry.
Incorporated by the founders of MyFitness (now acquired by Mensa Brands) Mohammad Patel, Poojan Shah, Fazal Lakhani and CA Aakash Mehta, ICON is an internet-first D2C brand catering to the mass premium segment in the luggage and travel accessories category through its product portfolio of hard luggage, backpacks, and handbags.
Having explored nearly 30 countries, the cofounders found that the Indian luggage market lacked innovation on multiple fronts, ultimately nudging them to take the reins of innovation in this segment in their hands.
“With global trends favouring hard case luggage at 70%, contrasting with India’s preference for soft cases, we entered the Indian market with innovations like wide handles and PC shells,” he added.
Speaking with Inc42, the cofounders said that the 2023 incorporation of the startup was strategically in line with their vision of capitalizing on the post-pandemic surge in travel.
Recently, the startup raised $1.2 Mn (INR 10 Cr) in a seed funding round led by DSG Consumer Partners and a clutch of angel investors.
