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Brothers Acquire VIP Industries from Dilip Piramal’s Family

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Dilip Piramal has announced the sale of his luggage company, VIP Industries, to brothers Mithun and Siddharth Sacheti. The deal, which involves a 32% stake in the company, marks a significant shift in the ownership of one of India’s leading luggage brands. The announcement comes as Piramal shares that the younger generation in his family has no interest in continuing the business.

Established in 1968, VIP Industries is known for its wide range of luggage, backpacks, and handbags. Over the past 57 years, it has become a dominant force in the organized luggage market in India. Dilip Piramal, the chairman and a seasoned industrialist with over 50 years in the luggage industry, confirmed that the decision to sell was influenced by the lack of interest from his daughters, Radhika and Aparna, in taking over the family business.

New Ownership Structure

The buyers, Mithun and Siddharth Sacheti, are well-known figures in the business community. Mithun Sacheti is recognized for founding the popular jewellery brand CaratLane, which he later sold to Titan, a company within the Tata Group. Following the acquisition in 2021, he has taken on the role of Independent Director at Metro Brands, while Siddharth manages the family business, Jaipur Gems.

Both brothers are also investors in several other enterprises, including Nazara Technologies. Their involvement in VIP Industries signifies a new direction for the brand as it seeks to navigate recent underperformance, particularly in the last five years.

In a statement to NDTV Profit, Dilip Piramal elaborated on his decision, saying, “We are a family-owned business, and the next generation is not very keen on running it.” This candid admission highlights a growing trend among family-owned companies where succession challenges often lead to significant ownership changes.

Future Prospects for VIP Industries

The sale reflects not just personal decisions within the Piramal family but also broader market dynamics. With the luggage industry evolving due to changing consumer preferences and increased competition, a fresh leadership team may help revitalise VIP Industries. The Sacheti brothers, with their entrepreneurial backgrounds, are positioned to leverage their expertise to adapt to contemporary market demands.

The transition comes at a time when the luggage market is experiencing shifts due to changing travel habits and increased focus on sustainability. It remains to be seen how the new owners will steer VIP Industries in this competitive landscape.

As the company embarks on this new chapter, stakeholders and consumers alike await the strategic changes that the Sacheti brothers may implement. The acquisition not only signals a new era for VIP Industries but also reflects the ongoing evolution of family businesses in India.

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