Brands
VIP gets a Multiples makeover as Piramal family packs up stake
MUMBAI: After decades at the top of the luggage chain, VIP Industries is zipping into a new era. In a strategic shake-up that marks the end of an era and the start of a fresh chapter, the Piramal family has signed a definitive agreement to offload up to 32 per cent of its stake in VIP Industries to a consortium led by Multiples Private Equity. The deal will see control of Asia’s largest luggage maker shift to the new investors, triggering a mandatory open offer worth a whopping Rs 1,437.78 crore for an additional 26 per cent stake at Rs 388 per share.
While the sale hands over the reins, it’s not a full goodbye, the Piramal family will remain shareholders, with Dilip Piramal stepping into the role of chairman emeritus. “This is a pivotal moment for VIP. With Multiples stepping in, we’re setting the wheels in motion to reclaim our leadership in the Indian luggage market,” said Piramal.
Multiples, known for backing big-name disruptors like Delhivery, Licious, and Dream Sports, now adds another heavyweight to its portfolio. “We see enormous potential in VIP’s legacy and brand value,” said Multiples founder and CEO Renuka Ramnath. “This is not just a transaction, it’s a transformation play.”
As per the open offer filing, Multiples and co-investors including Samvibhag Securities, Mithun and Siddhartha Sacheti, will collectively acquire up to 4.54 crore shares, translating to a 31.89 per cent stake. If fully subscribed, the open offer alone could cost them over Rs 1,437 crore in cash.
The deal values VIP Industries at more than Rs 5,500 crore and includes a shareholder agreement that allows Multiples to take over management control. It is subject to approval from the Competition Commission of India and will be executed in line with SEBI’s takeover code. Legal advisors on the deal include AZB & Partners for the Piramal family, and Khaitan & Co for Multiples.
Founded in 1971, VIP Industries has sold over 100 million pieces of luggage and commands a presence in 45 countries. Its brands VIP, Skybags, Carlton, Aristocrat, and Caprese are household names. But the past few years haven’t been baggage-free, with stiff competition and changing travel habits weighing down growth.
This strategic sale could help VIP travel light again. With Multiples now in the driving seat and a fresh burst of private equity fuel, the legacy brand is gearing up for its next long-haul flight.
Brands
Faber-Castell India appoints Sunaina Haldar as director – marketing
With stints at Tata, SleepyCat and ADF Foods under her belt, Haldar is primed to redraw Faber-Castell’s brand story
MUMBAI: Faber-Castell India has poached Sunaina Haldar from ADF Foods, appointing her director – marketing as the German stationery brand looks to muscle up in a category that is rapidly reinventing itself around creativity and self-expression.
Haldar hit the ground running. “My first couple of weeks have been incredibly energising, understanding consumers, visiting markets, engaging with retailers and immersing myself into the world of Faber-Castell Group,” she said.
She arrives with considerable firepower. At ADF Foods, Haldar ran marketing across India and international markets for a portfolio spanning Ashoka, Aeroplane, Camel and ADF Soul. Before that, she was vice-president – marketing at direct-to-consumer mattress brand SleepyCat, where she helmed brand, content and performance marketing. Her résumé also includes a stint leading marketing, new product development and CRM for Tata SmartFoodz at Tata Consumer Products, no small proving ground.
Between corporate roles, Haldar also operated as a fractional CMO for early-stage startups, building marketing strategy and operational structures from scratch, a signal that she knows how to move fast with limited resources.
With 18 years straddling FMCG, D2C and the startup world, Haldar now takes the reins at a brand that has long owned the classroom but is clearly hungry for the living room. In a stationery market where the pencil has become a lifestyle statement, Faber-Castell has picked someone who knows exactly how to sell that story.
