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Mint
5 days ago
- Business
- Mint
Multiples, 360 One among homegrown PEs eyeing a minority stake in VIP Industries
Bengaluru/Mumbai: Domestic private equity (PE) firms such as Multiples Alternatives and 360 One are in talks to pick up a minority stake in listed luggage and travel accessories maker VIP Industries, three people with knowledge of the development said. The stake sale is part of ongoing efforts of the promoter family–the Piramals–to exit the business. An attempt to sell controlling stake in the company fell through last November. The PE firms will buy around 26% stake in the company, likely triggering an open offer, the people cited above said on the condition of anonymity. 'Term sheets have been shared by the prospective investors," one of the persons said. 'Finer details of the deals are being discussed." 'Once the company turns around and shows better financial performance, these PE firms are likely to hike their stake in the company, paving the way for the promoters to exit over the medium term," the second person said. Last year, the company was in advanced talks with global PE firm Advent International to sell controlling stake, Mint had reported. The deal did not go through due to various reasons including valuation mismatch. Also read | VIP promoter revives stake sale talks, hires new banker Following that, promoter Dilip Piramal revived sale plans and appointed investment bank Arpwood to help it with the stake sale, Mint reported on 28 March. According to data available with the exchanges, the promoters own a little more than 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The company's market capitalization was around ₹6,092.65 crore at Monday's close on the National Stock Exchange (NSE), valuing the promoters' stake at about ₹3,046 crore. VIP's stock price stood at ₹429 a share, up 4.94% over Friday compared to a slide of 0.56% in the broader Nifty 50 index. Queries emailed to Dilip Piramal, Multiples Alternatives, and 360 One did not elicit any response. An Arpwood spokesperson declined to comment. As per a latest report by Statista, the revenue generated in the luggage and bags market in India amounted to $15.04 billion in 2024. It is expected that the market will experience an annual growth rate of 5.02% (CAGR 2024-2029), with 87% of the sales likely to come from non-luxury products. India's growing middle class and increasing travel aspirations are driving a surge in demand for premium luggage and bags. Read this | VIP Industries revives sale talks With ₹2,178.43 crore in consolidated revenues in FY25, VIP Industries, a brand synonymous with the aspiring Indian traveller of the 1990s, is much larger than its Indian rivals, except Safari Industries, which reported consolidated revenues of ₹1,771.58 crore in the same fiscal. VIP has close to 44% market share in the organized luggage category, according to an ICICI Securities analyst report last year. The organized sector, led by companies such as VIP, Samsonite and Safari, accounts for about 40% of India's ₹15,000-crore luggage industry, according to a report by global analytics firm Crisil last year. Over the years, VIP has grown organically and inorganically too. It acquired the London-based Carlton brand in 2004 and merged with Aristocrat Luggage Ltd in 2007, and has been selling luggage under these brands since then. With new startups emerging in the space to challenge the incumbents, the Indian travel and luggage space is heating up. Earlier this year, Mint reported on how new-age direct to consumer brands such as Mokobara, Assembly, Nasher Miles, Icon and Uppercase have secured funding from risk investors and are looking to disrupt the space. Rising incomes, an expanding travel infrastructure, and online bookings have fuelled a surge in travel among Indians, resulting in heightened demand for luggage. And read | How VIP is trying to shed its baggage
India.com
21-06-2025
- Business
- India.com
Meet Mukesh Ambani and Nita Ambani's close relative, runs company worth Rs 63680000000, his business is..., he is Isha Ambani's...
Isha Ambani is married to Anand Piramal. (File) Isha Ambani, the daughter of Asia's richest man Mukesh Ambani and his wife Nita Ambani, is married to Anand Piramal, heir to the Piramal Group business empire, which was established by Piramal family patriarch Piramal Chaturbhuj Makharia in 1920. The Piramal family is one of the most affluent business families in India, with Isha Ambani's father-in-law, Ajay Piramal, transforming the Piramal Group into a multinational conglomerate, with business interest in more than 100 countries. However, there is another lesser-known member of the Piramal family who is an equally respected name in the business space. Dilip Piramal, the elder brother of Ajay Piramal, and uncle-in-law of Isha Ambani. Who is Dilip Piramal? Dilip Piramal, the older brother of Ajay Piramal, and uncle to Isha Ambani's husband Anand Piramal, runs VIP Industries– one of India's oldest and largest luggage making companies, known for its sturdy suitcases, trendy bags, and other types of luggage. In 1979, after the passing of their father, Gopikisan Piramal, Ajay and Dilip decided to divide the family business, following which Dilip founded VIP Industries, which manufactured quality luggage, a rarity in India in those days. Over the years, VIP became a household name in India, and grew into the country's largest luggage manufacturer under the leadership of Dilip Piramal, and currently has a market valuation pegged at an impressive Rs 6,368 crore. VIP has a whopping 8,000 retail shops across India, and owns several popular luggage brands such as Carlton, Skybags, Caprese, Aristocrat, and Alfa — all of whom have carved a niche of their own. Dilip Piramal's relation to Isha Ambani As mentioned earlier, Isha Ambani, the daughter of Mukesh Ambani and Nita Ambani, is married to Anand Piramal, who is the son of Ajay Piramal, and nephew to Dilip Piramal. Thus, Dilip Piramal is the uncle-in-law of Isha Ambani.
