Modern Myth
Initial Ask – Rs. 75 lacs for 5% equity at a valuation of Rs. 15 Cr.
About the Company
Having around 140+ designs, this company sells designer vegan bags. This company sells their product through their website and other market places. In their opinion, their unique selling proposition is their design. However, they don’t recognise the potential of their vegan bags.
Having an average price of Rs. 600, they want to capitalize on their raw designs. However, one of the sharks were of the opinion that their bags don’t reflect anything different; he feels that the bags have been taken from 4 local marketplaces and are sold under a brand name.
Past performance of the Company
Starting from the year 2019, they have till now made sales worth Rs. 2.5 Cr., of which last month accounted for Rs. 14 lacs revenue.
Industry Overview
The handbag market in our country is expected to grow at a CAGR of 5% till 2024. The international luxury brands like Gucci and Louis Vuoitton has captured the markets in the developed countries, whereas there remains a lot of room for growth in the developing countries like ours. This is so because they demand high premium prices and are regarded as luxury products.
However, current millennial generation’s obsession with luxury accessories can help both these companies grow.
Offers made, and the one accepted:
No sharks offered a deal.