Brands committed to redefining the travel experience through innovation, quality, and style
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| ICON is helmed by seasoned entrepreneurs – Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta |
ICON caters to the mass premium segment in the LTA
category through its product portfolio, which consists of hard luggage,
backpacks, and handbags. The fresh capital will be used to augment ICON’s
existing product line, expand its team, strengthen its distribution network,
and boost its innovative portfolio.
Commenting on the same, Mohammad Patel, CEO,
ICON, said, “India is at the inflection point, and travel is taking off.
Travel has bounced back post the COVID drawdown and, along with it, consumer
spending on travel-related consumer goods purchases. An increase in consumer
expenditure on lifestyle, growing per capita income, and a surge in business
and leisure trips are a few of the many tailwinds driving this consumption
category. We believe that Indian consumers deserve superiorly built products
with better aesthetics, design, and utility at an affordable price. We see a
clear opportunity to build products with superior quality, design and
functionality and are very excited about the opportunity.”
ICON is helmed by seasoned entrepreneurs – Mohammad
Patel, Poojan Shah, Fazal Lakhani, and Aakash
Mehta – who have witnessed considerable success in their previous
venture, health food startup MyFitness. The startup was acquired by Mensa
Brands in 2022, the year’s largest D2C cash acquisition (read here). Noting critical gaps in the LTA category, the
founder quartet set their sights on leading the Indian luggage revolution
through ICON, whose “ICONic” product line combines style, functionality, and
durability to meet the evolving needs of the modern fashion-conscious
traveller.
“We have been in touch with Mohammad and the team
since their MyFitness days. They built a category-defining brand in an
extremely capital-efficient manner and had a fantastic cash exit. We are
excited to be their Day Zero partner as they set out to build a
category-defining brand in the luggage category – a category that is set to
explode in India. India is set to become the 4th-largest global spender
in travel by 2030. Domestic and international tourism will boom in the coming
decades The growing demand for fashionable, high-utility aspirational products
is underserved. We are excited to partner with Team ICON to address this gap by
offering fashionable products with superior functionality for the modern Indian
traveller,” said Hariharan Premkumar, MD and Head of India at DSG
Consumer Partners.
Each ICON product is meticulously crafted to
withstand the rigours of travel. Key features that set apart ICON’s products
include its innovative wide-handle trolley, smart bags equipped with power bank
slots and Bluetooth-enabled trackers, and the use of premium materials such as
unbreakable hardshell from Germany, super silent 360 wheels from the USA, and YKK
zippers.
Through innovative products, ICON aims to
capitalise on the post-pandemic travel renaissance, driving a luggage
revolution. The Indian tours and travel industry is poised for a healthy growth
of 12–15% in fiscal 2025, and the Indian luggage market is estimated to be
₹20,000 crore. Branded players are expected to make up about 54% of the market.
This indicates a shift towards sectoral organisation and a growing consumer preference for branded products. The rising middle class, shift in attitudes
towards travelling, and a growing inclination towards discretionary spending
have transformed luggage into lifestyle products. Luggage is no longer a travel
necessity but a reflection of travellers’ personal style and values.
ICON aims to be the trailblazers of this digital age and transform travel, both global and local, making it chic, stylish, fun and efficient. It is here that technology meets travel!
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