Meet brothers who are buying famous luggage brand from Mukesh Ambani's relative, once sold their company to Ratan Tata, now planning to…, they are…
First, let's talk about the chairman, Dilip G Piramal. He is a Commerce graduate and an experienced industrialist who has pioneered the luggage industry in India. He has an experience of more than 50 years in the luggage industry. Established in 1968, VIP Industries Limited is amongst the World's leading manufacturers and retailers of luggage, backpacks, and handbags and an established leader in the organised luggage market in India.
Dilip Piramal stated that his family's younger generation has no interest in running the business. This statement came soon after the company announced it would sell a 32% stake to a group of private equity investors and others, signaling a fundamental reorganization of the family-owned luggage company. While speaking to NDTV Profit, Piramal stated,' We are a family-owned business, and the next generation is not very keen on running it.'
This group of buyers involves several private equity funds, as well as individual investors, including Mithun Padma Sacheti and Siddharth Sacheti. It is noteworthy that Mithun and Siddharth Sacheti are individual shareholders of VIP Industries. So, who are these Sacheti brothers? What do the new owners of VIP Industries precisely do?
Mithun and Siddharth Sacheti are the sons and Padam Sacheti's sons of Jaipur Gems. Notably, Mithun Sacheti was the founder of the leading popular jewellery brand called CaratLane, which he subsequently sold to Titan, a Tata Group company. Mithun Sacheti started CaratLane in 2016, and after 8 years, the Tata Group acquired this jewellery business.
Currently, Mithun Sacheti is an Independent Director at Metro Brands, and Siddharth Sacheti is running the family business, Jaipur Gems. They also have stakes in several other companies, including the well-known Nazara Technologies. So why Dilip Piramal is selling the company? Dilip Piramal, the founder of VIP Industries, is selling the company after 57 years largely because the next generation in his family is not interested in carrying on the business with him and also the company has been underperforming in the last five years. Dilip Piramal has two daughters, Radhika and Aparna, and he told me that neither one is interested in carrying on with the business.
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