Ten Days of Holiday Innovators, 2018: Day 4 – Caraa Luxury Sports Bags
Key Points
To kick off the 2018 holiday shopping season, Coresight Research will feature daily profiles of 10 innovative companies that span health and wellness; apparel, footwear and accessories; and, beauty. Each of our Ten Days of Holiday Innovators profiles gives you a company overview, insight into what makes the company innovative and the company’s recommended “must-have” gift for 2018. In the fourth report in our Ten Days of Holiday Innovators series, we look at Caraa.
- Caraa is a New York-based luxury fitness brand founded in 2015 by CFDA award winning designer Carmen Chen Wu and CEO Aaron Luo, dealing primarily in sport bags and accessories.
- The company focuses on designing well-made, versatile and smart sports bags that can be used across various settings. Caraa accessories are created with an aim to strike the right blend between craftsmanship, quality and sport performance features and functionality.
- FastCompany has dubbed Caraa as “the inventor of the athleisure bag.”
53% of Consumers Surveyed Would Like to Receive Accessories or Clothing this Holiday
This is the fourth report in our Ten Days of Holiday Innovators series, which offers daily profiles of innovative companies offering distinctive holiday-suitable gifts. In this report, we look at Caraa.
According to a Prosper Insights & Analytics holiday survey, 53.0% of all adults over 18 would like to receive accessories or clothing, and 66.3% of millennials aged 18-34 said they would like to receive accessories or clothing as holiday gifts.
Caraa
Headquarters
New York
Company Description
Caraa is a New York-based luxury fitness sport bag and accessories brand founded in 2015 by the Council of Fashion Designers (CFDA)ward-winning designer Carmen Chen Wu and CEO Aaron Luo, who has over ten years of global managerial experience.
The company designs well-made, versatile and smart sports bags that can be used across various settings. Caraa accessories are seek to strike balance craftsmanship, quality, and sport performance features and functionalities.
The Caraa bags are multifunctional and multipurpose—they are meant to be used not only in gyms or fitness studios, but also in offices and boardrooms. The bags are constructed from luxury leathers, nylons and custom hardware, and feature sport details including interior hidden breathing vents, and linings that are waterproof and anti-microbial for workout shoes and clothes.
The company’s offerings include sports bags, small leather goods and fitness related accessories for inside and outside of the fitness studio with millennial women being a prime target market.
Company Differentiator
Caraa is a seasonless brand and its bags are designed to be versatile and multipurpose to allow consumers to seamlessly transition from life events, from work to the gym, using one bag.
Company Items of Interest
FastCompany, an American business magazine focusing on technology, business, and design, has dubbed Caraa as “the inventor of the athleisure bag.”
Sports Luggage Market
According to a report by global market research company Technavio, the global sports luggage market will register revenue of almost $2.3 billion by 2021. In 2016, global revenue generated in this category was almost $1.9 billion.
According to a report published by Allied Market Research, the global travel bag market was valued at around $15 billion in 2016, and is estimated to reach around $24 billion by 2023, a compound annual growth rate (CAGR) of 6.0% from 2016 to 2023.
Industry Collaborations / Awards
Caraa was named one of the “Most Innovative” brands at the 2017 Digiday Awards.
Caraa has a brand collaboration with Gap-owned Athleta that spans backpacks, weekender bags, yoga mat bags, tech pouches and waistbags.
“Must-Have” Gift Recommendations This Holiday
The Sling is Caraa’s take on the fanny pack. Encased in waterproof nylon, it features eight pockets, and can be worn as a waistbag or crossbody sling. It comes in five colors and is unisex by design.
Source: Caraa Website
Studio Bag Medium is Caraa’s signature bag in a medium size which can fit a 13-inch laptop. The bag can be worn as a backpack, crossbody or satchel, and it comes with several main compartments to keep gym clothes away from daily accessories. The lining is infused with silver to repel moisture and it is made from nylon, leather and metal hardware (including zippers and snaps), traditionally used in luxury handbags.
Source: Caraa Website
Social Media This Holiday
Caraa will offer 25% off for Black Friday through Cyber Monday.
Where Products Are Sold
Caraa products can be bought online via its website www.caraasport.com, and exclusives can be found in Athleta, Equinox and Nordstrom shops.