{"id":171450,"date":"2025-10-10T08:35:33","date_gmt":"2025-10-10T12:35:33","guid":{"rendered":"https:\/\/44.250.171.167\/?p=171450"},"modified":"2025-10-10T08:36:31","modified_gmt":"2025-10-10T12:36:31","slug":"dilip-piramal-the-great-vip-sale-explained","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/dilip-piramal-the-great-vip-sale-explained\/","title":{"rendered":"Dilip Piramal &#038; the Great VIP Sale Explained"},"content":{"rendered":"<p>Recently, Dilip Piramal, the man who built India\u2019s biggest luggage empire, has decided it\u2019s time to let someone else carry VIP Industries forward. Well, if you are an Indian, its highly unlikely that you have not heard about VIP Industries. But the most puzzling part is why such a successful company is being sold? Lets dive deeper with AlphaStreet Research.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>The Story<\/strong><\/h2>\n<p>When it comes to luggage in India, there are three big names that dominate every airport carousel: Samsonite, Safari, and VIP. Between them, they control nearly 90% of the country\u2019s branded luggage market.<\/p>\n<p>And of the three, <a href=\"https:\/\/44.250.171.167\/symbol\/vipind\/\">VIP Industries<\/a>, yes, the one behind brands like Skybags, Aristocrat, and Carlton is still India\u2019s largest luggage maker. But last week, something big happened. Dilip Piramal, VIP\u2019s long time chairperson and part of its founding family, decided to sell control of the company.<\/p>\n<p>He\u2019s offloading a 32% stake to a consortium led by Multiples Alternate Asset Management, along with Samvibhag Securities and Mithun Sacheti\u2019s family (the folks who founded CaratLane).<\/p>\n<p>And that\u2019s not all, the group will also make an open offer for another 26% of the shares from public investors. If that goes through, the total deal valued at about \u20b93,200 crore\u00a0will hand them a 58% majority stake in VIP.<\/p>\n<p>Now, that\u2019s a big move for a company that\u2019s been in the Piramal family for over five decades.<br \/>\nSo the question is: why now?<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>The Changing of the Guard<\/strong><\/h2>\n<p>See, VIP has always been a family run business. Founded in 1968 as <em>Aristoplast Pvt. Ltd.<\/em>, it eventually became a household name under Dilip Piramal, who took charge in 1980 after his father\u2019s passing.<\/p>\n<p>For years, VIP ruled the skies and trains, its sturdy suitcases became a status symbol of the middle class.<\/p>\n<p>But in 2025, Dilip Piramal decided to call it a day. Part of that is personal since the next generation isn\u2019t interested in the luggage business. But there\u2019s also a tinge of regret. In interviews, Piramal admitted that he probably should\u2019ve exited earlier because holding on too long has cost him dearly.<\/p>\n<p>So what went wrong for a company that once symbolized reliability and travel aspirations?<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Hard vs Soft Luggage &#8211; The Missed Turn<\/strong><\/h2>\n<p>To understand VIP\u2019s struggles, you need to know the two sides of the luggage world: hard luggage and soft luggage.<\/p>\n<ul>\n<li>Hard luggage: the tough, polycarbonate shells that protect your stuff when baggage handlers throw your suitcase around.<\/li>\n<li>Soft luggage: lighter, flexible polyester bags that can squeeze into overhead bins.<\/li>\n<\/ul>\n<p>For years, VIP leaned heavily into soft luggage. Travellers wanted lighter bags, and the company retooled its supply chain and inventory to chase that demand.<\/p>\n<p>But post-pandemic, the trend flipped. Travellers rediscovered the appeal of hard luggage, durable, sleek, and \u201cInstagram-ready.\u201d Today, nearly 80% of all luggage sales come from hard cases.<\/p>\n<p>The irony? VIP actually started as a hard-luggage company. Its iconic cases were once so strong that, as Piramal famously said \u201csomeone even used one as a shield during militancy in Punjab.\u201d<\/p>\n<p>Yet somehow, the company missed the comeback of its own original product.<\/p>\n<p>The result? Warehouses filled with unsold soft luggage, and a manufacturing setup that couldn\u2019t pivot fast enough to meet new demand.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_171451\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-171451\" class=\"wp-image-171451 size-large\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs1-e1760099428599-1024x489.jpg\" alt=\"Indian Luggage Market \" width=\"640\" height=\"306\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs1-e1760099428599-1024x489.jpg 1024w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs1-e1760099428599-300x143.jpg 300w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs1-e1760099428599-768x367.jpg 768w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs1-e1760099428599.jpg 1200w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><p id=\"caption-attachment-171451\" class=\"wp-caption-text\">Indian Luggage Market<\/p><\/div>\n<p>&nbsp;<\/p>\n<h2><strong>A Price War That Went Too Far<\/strong><\/h2>\n<p>But that\u2019s not the only problem.<\/p>\n<p>The luggage market in India is a tale of two halves:<\/p>\n<ul>\n<li>On one side, organized brands like VIP, Safari, and Samsonite.<\/li>\n<li>On the other, unorganized players,\u00a0smaller factories and counterfeit sellers offering much cheaper alternatives.<\/li>\n<\/ul>\n<p>The problem? Even the big brands started fighting each other on discounts.<\/p>\n<p>Online sales and new D2C brands like Mokobara, Uppercase, and Nasher Miles flooded the market, forcing legacy players to slash prices just to stay visible.<\/p>\n<p>It became a race to the bottom. Even Samsonite\u2019s CFO publicly complained that rivals like VIP and Safari were ruining margins with deep discounting.<\/p>\n<p>VIP denied it saying the discounts were limited to soft luggage. But the numbers tell a story of pain. In FY25, VIP posted a \u20b969 crore loss, with <a href=\"https:\/\/www.bseindia.com\/xml-data\/corpfiling\/AttachHis\/c6233d06-f456-42dd-a489-5600f03d4ce4.pdf\" target=\"_blank\" rel=\"noopener\">EBITDA margins collapsing<\/a> to just 3% (down from 9% earlier). It even booked losses in three out of four quarters that year.<\/p>\n<p>Meanwhile, competitor Safari was flying high: \u20b91,772 crore in revenue, \u20b9143 crore in net profit, and 12% EBITDA margins. The message was clear: VIP wasn\u2019t just losing luggage. It was losing ground.<\/p>\n<p>&nbsp;<\/p>\n<div id=\"attachment_171452\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-171452\" class=\"wp-image-171452 size-large\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs2-e1760099560262-1024x489.jpg\" alt=\"VIP's Portfolio of Products\" width=\"640\" height=\"306\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs2-e1760099560262-1024x489.jpg 1024w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs2-e1760099560262-300x143.jpg 300w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs2-e1760099560262-768x367.jpg 768w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/VIP-Luggage-Market-Graphs2-e1760099560262.jpg 1200w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><p id=\"caption-attachment-171452\" class=\"wp-caption-text\">VIP&#8217;s Portfolio of Products<\/p><\/div>\n<p>&nbsp;<\/p>\n<h2><strong>When a Legacy Meets a Limit<\/strong><\/h2>\n<p>Insiders say VIP\u2019s professional management had hit a wall. The company was slow to adapt, burdened with old inventory, and struggling with what Piramal called an \u201cinternal management crisis.\u201d<\/p>\n<p>And with no family successors waiting in the wings, a private equity sale began to look like the best option.<\/p>\n<p>Enter Multiples PE, known for its sharp turnarounds (they\u2019ve previously backed companies like PVR, Delhivery, and Dream11). Along with the CaratLane founders, they could bring both capital and fresh digital thinking to an old brand.<\/p>\n<p>There\u2019s also a twist, the open offer to shareholders is at \u20b9388 per share, around 17% below the market price. That may look like a bad deal, but it\u2019s not about a quick payout. It\u2019s about long-term renewal.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>The Bigger Picture<\/strong><\/h2>\n<p>The entire luggage sector has been cooling off since the \u201crevenge travel\u201d boom of 2022 faded. People have returned to normal travel patterns, and the wave that lifted all brands has receded.<\/p>\n<p>That makes this the perfect time for a shake-up. And VIP might just be the first of the legacy brands to reset under new ownership. If the new investors can streamline manufacturing, focus on the fast-growing hard luggage segment, and inject some design and digital flair, there\u2019s still plenty of value to unlock.<\/p>\n<p>After all, VIP is still a trusted name with vast distribution, a brand recall that startups would kill for, and a balance sheet that\u2019s far from broken.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>The Bottom Line<\/strong><\/h2>\n<p>For five decades, Dilip Piramal built VIP into a household name. But markets evolve and even the most iconic brands sometimes need a reboot. By passing the baton now, he may finally give VIP the professional edge it needs to compete in a brutal, post-pandemic market.<\/p>\n<p>Sure, the short term might be bumpy. But with the right strategy, this could be less of a sell-off and more of a handover for a comeback. Until then, investors will be watching closely to see if VIP\u2019s next chapter will travel as far as its legacy once did.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently, Dilip Piramal, the man who built India\u2019s biggest luggage empire, has decided it\u2019s time to let someone else carry VIP Industries forward. Well, if you are an Indian, its highly unlikely that you have not heard about VIP Industries. But the most puzzling part is why such a successful company is being sold? Lets [&hellip;]<\/p>\n","protected":false},"author":1863,"featured_media":171453,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[105,5749],"tags":[14047,8240],"class_list":["post-171450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-entertainment-stocks","tag-luggage-bags","tag-travel-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/tourist-8183867_1280.png","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":147877,"url":"https:\/\/alphastreet.com\/india\/v-i-p-industries-ltd-q4fy23-results-out-revenue-grows-by-27\/","url_meta":{"origin":171450,"position":0},"title":"V I P Industries Ltd Q4FY23 results out, revenue grows by 27%","author":"Chirag Gupta","date":"May 31, 2023","format":false,"excerpt":"VIP Industries is engaged interalia, in the business of manufacturing and marketing of luggage, bags and accessories. VIP Industries Limited is amongst Asia\u2019s leading manufacturers and suppliers of luggage, backpacks, and handbags and the market leader in the organized luggage segment. V I P Industries Ltd reported Total revenue for\u2026","rel":"","context":"In &quot;Earnings&quot;","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":136177,"url":"https:\/\/alphastreet.com\/india\/piramal-industries-limited-q2fy23-posted-a-loss-of-%e2%82%b91536-crore\/","url_meta":{"origin":171450,"position":1},"title":"Piramal Industries Limited Q2FY23; Posted A Loss of -\u20b91536 Crore","author":"Hardik Bhandare","date":"November 9, 2022","format":false,"excerpt":"Piramal Industries Limited (NSE: PEL) reported its Q2FY23 results. Net profit declined down to -\u20b91536.39 Crore from \u20b9426.48 Crores year on year. The business reported consolidated Revenue of 1,893.71 Crore, an increase of 20% from the previous year. The Interest Income segment which was increased by 20%, was the primary\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2022\/11\/742c4061-286b-47c6-9032-120cadf9cd93-scaled.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":150469,"url":"https:\/\/alphastreet.com\/india\/piramal-enterprises-ltd-q1fy24-94-fall-in-profits\/","url_meta":{"origin":171450,"position":2},"title":"Piramal Enterprises Ltd Q1FY24; 94% fall in Profits","author":"Karan_Singh","date":"July 28, 2023","format":false,"excerpt":"Piramal Enterprises Ltd is one of India's largest diversified companies. 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Financial Results:\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/03\/1-5.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":162413,"url":"https:\/\/alphastreet.com\/india\/piramal-enterprises-ltd-q4fy24-16-rise-in-revenue\/","url_meta":{"origin":171450,"position":4},"title":"Piramal Enterprises Ltd Q4FY24; 16% rise in Revenue","author":"Chirag Gupta","date":"June 21, 2024","format":false,"excerpt":"Piramal Enterprises Limited (PEL) is one of India\u2019s leading diversified non-banking financial companies (NBFC) with assets worth ~$10 billion, with a network of over 400 branches across 26 states\/Union Territories, offering a wide range of financial products and solutions across retail and wholesale lending, fund-based platforms and investments. 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Financial Results:\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/10\/download-1-2.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/171450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1863"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=171450"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/171450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/171453"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=171450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=171450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=171450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}