New Delhi, April 25 -- It seems as though every Indian designer brand, from Manish Malhotra to Lovebirds, has decided that now is the moment to enter the world of handbags. The logic is hard to ignore. For western luxury brands, handbags remain the single biggest revenue driver, often accounting for over 50% of annual sales. At houses like Hermes and Chanel, bags have achieved true icon status-not in the diluted way the word is often used today, but as objects of enduring cultural and financial value.

Then there are brands built almost entirely on the strength of the bag. Judith Leiber became synonymous with novelty crystal minaudieres designed for special occasions. Delvaux, founded in 1829, has a reputation built on exceptional leather...