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How VIP is trying to shed its baggage

Livemint

Livemint · 1y ago

How VIP is trying to shed its baggage

Dilip Piramal, chairperson of VIP Industries, is counting on the newly appointed managing director, Neetu Kashiramka, to revive the company's fortunes. VIP Industries has faced challenges with declining margins, inventory issues, and competition from both established players and emerging startups. Kashiramka plans to focus on cutting costs, shifting to an asset-light model, and launching new products to regain market share. She aims to elevate EBITDA margins to 15% by FY25 and transform VIP into a more diversified business. Despite the current struggles, investors are hopeful about the company's turnaround strategies.

Related News

PE firms 360 One, Multiples eye stake in VIP Industries

Livemint

Livemint · 2m ago

PE firms 360 One, Multiples eye stake in VIP Industries

Domestic private equity firms, including Multiples Alternatives and 360 One, are in negotiations to acquire a 26% stake in VIP Industries, a leading luggage and travel accessories manufacturer in India. This transaction is part of the Piramal family's ongoing efforts to exit the business. The potential stake sale may trigger an open offer. Previously, attempts to sell a controlling stake in VIP Industries fell through in November. VIP Industries holds a significant market share in the organized luggage category.

AI at Work

The Verge

The Verge · 1y ago

The article discusses the current landscape of AI and its impact on work and business automation. It addresses the hype surrounding AI and its implementation, while also exploring the experiences of those involved in building and using AI technology. The article aims to shed light on how AI functions in practice, its limitations, and successes, aiming to provide a deeper understanding of the concept of artificial intelligence.

PE fund Multiples, Sachetis to acquire majority stake in VIP Industries

Economic Times

Economic Times · 1m ago

PE fund Multiples, Sachetis to acquire majority stake in VIP Industries

Multiples Alternate Asset Management and Samvibhag Securities will acquire a 32% stake in VIP Industries from promoter Dilip Piramal and his family. Mithun and Siddhartha Sacheti are part of the buying consortium. An open offer will follow for an additional 26% stake, potentially increasing their stake to 58%. VIP Industries didn't disclose financial terms, but sources suggest the price below market value. VIP faces competition from Samsonite and Safari Industries, affecting its market position and financial performance.

Nisaba Godrej resigns as independent director from the board of VIP Industries

Livemint

Livemint · 1y ago

Nisaba Godrej resigns as independent director from the board of VIP Industries

Nisaba Godrej has resigned as an independent director from the board of VIP Industries due to differences in succession planning with founder-chair Dilip Piramal. Radhika Piramal, Dilip's daughter and VIP's London-based vice-chairperson, has expressed reluctance to continue running the business, prompting the family to consider selling its stake. Godrej's resignation comes as VIP Industries faces tough competition from Samsonite and cheaper Chinese manufacturers. The company has also seen top-level exits and a decline in profit. VIP Industries' CEO, Neetu Kashiramka, has outlined strategies to revive the company's fortunes.

ICON Wants To Make A Dent In India’s Luggage And Bags Industry

Inc42 · 1y ago

ICON, a direct-to-consumer (D2C) luggage and bags brand, aims to address the innovation gaps in the Indian market. The brand is targeting the growing D2C wave in India, which has been impacting legacy brands like VIP Industries. VIP Industries, with its long-standing legacy, is losing market share to new and innovative brands. ICON aims to offer unique and functional designs, inspired by global brands like Louis Vuitton. Positioned in the mass premium segment, ICON's products range from INR 4,000 to INR 10,000. The brand focuses on gathering customer feedback to continuously improve its products.

Flipkart Expands Its VIP Programme To Eight More Cities

Inc42 · 1y ago

Flipkart Expands Its VIP Programme To Eight More Cities

Flipkart has expanded its VIP subscription program to eight new cities in India in an effort to boost its customer base. The program, which offers benefits such as free delivery, extra savings, and dedicated customer support, was previously limited to select cities. Under the program, customers can purchase a subscription for INR 499 and become a VIP member for a year. The move comes as Flipkart aims to compete with rivals like Amazon in the Indian e-commerce market. The company is also exploring quick commerce and recently launched a bus booking facility on its app.

OpenSea's partnership with Coachella is a sign that NFTs can be more than profile pictures

TechCrunch · 1y ago

OpenSea has partnered with Coachella, the music and arts festival, to release three collections of NFTs that offer both virtual perks and real-life VIP experiences. The first collection, called The VIP Pass + Oasis Lounge Keepsake, has been released at a price of $1,499 each and includes access to a 2024 VIP Festival Pass and a new lounge with exclusive bar benefits. The collections will be powered by the Avalanche blockchain. This partnership represents a move towards utility-driven NFTs, expanding beyond collectibles to offer tangible value and experiences.

VIP Industries stock soars 18% in two days as Vijay Kedia buys shares worth Rs 40 crore

Money Control

Money Control · 10m ago

VIP Industries stock soars 18% in two days as Vijay Kedia buys shares worth Rs 40 crore

Shares of VIP Industries Ltd. surged by 18% in just two days after renowned investor Vijay Kedia purchased shares worth Rs 40 crore in the luggage manufacturer. Kedia acquired 7.25 lakh shares at a price of approximately Rs 545.97 per share. The rise in share prices signifies the positive sentiment surrounding the company. However, Kedia cautioned that the stock is currently expensive and may require patience for investment. VIP Industries reported a significant decline in its net profit for the first quarter of the financial year 2024-25.

Flipkart looks to upstage Amazon Prime again: Will its revamped VIP programme be the charm?

Inc42 · 1y ago

Flipkart looks to upstage Amazon Prime again: Will its revamped VIP programme be the charm?

Flipkart, the Walmart-owned ecommerce giant, has recently launched its annual membership program called Flipkart VIP, aiming to compete with Amazon Prime. This is not the first attempt by Flipkart to challenge Amazon's dominance in the loyalty program space, but previous efforts like Flipkart First and Flipkart Plus did not gain much traction. Flipkart VIP offers benefits like priority customer support, fast and free delivery, early access to deals, and discounts. However, compared to Amazon Prime, it still lacks the extensive ecosystem and unique services provided by Prime. Despite the low-key launch, Flipkart aims to attract customers from Tier I and II cities, which account for a significant portion of its user base.

Learning how to be human is hardest thing about being robot: Tesla's Optimus

Inshorts · 10m ago

Learning how to be human is hardest thing about being robot: Tesla's Optimus

A video showing a guest interacting with one of Tesla's Optimus robots at the 'We, Robot' event in US' California has surfaced online. In the video, the guest asked the humanoid robot, "What is the hardest thing about being a robot?" "Trying to learn how to be as human as you guys are," the Optimus robot replied.

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