Fashion accessories brand Lavie’s owner Bagzone Lifestyles Private Limited has secured a $9 million investment from First Bridge India Growth Fund. The business will use the funds to expand its production facilities through opening a new factory and to expand its offline presence by opening 300 exclusive brand outlets. 

“We are very excited to partner with First Bridge,” said Bagzone Lifestyles Private Limited’s CEO Ayush Tainwala in a press release. “They come with a long track record of building many successful consumer businesses. We hope to grow 10 times in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
 
The business will establish a 150,000 square foot factory to fortify its internal manufacturing capabilities. This project is designed to contribute towards the brand’s growth target as well as its goal of transforming into a diversified, multi-brand corporation with numerous product categories. 

“First Bridge is delighted to partner with Bagzone, with the maiden investment from its new fund,” said First Bridge’s managing partner Vishal Kumar Gupta. “Lavie is already the clear market leader. They operate in a market that will benefit from the shift to organised and an exponential increase in women’s consumption in the next few years. In Ayush, we see a young and energetic founder who has a deep understanding of the accessories market in India. We are confident of a successful journey of hyper-growth with team Lavie.”
 
By opening 300 nee stores, Lavie will create 1,000 job opportunities. The brand will open in a range of Tier 3 and 3 cities to enable it to further penetrate the non-metro market.