MAM
Covid takes its toll on 65-year-old iconic luggage brand
Mumbai: The pandemic has taken its deathly hold not just on people’s lives but also their livelihoods. Business organisations across different sectors are struggling to wade through the detrimental impact of Covid-19, and many others are facing closure. One such casualty has been the Chennai-based luggage retailer, Witco.
After running for nearly 65 years, the iconic luggage retail chain has announced its decision to shut shop after it could not recover from the severe downturn caused by the ongoing pandemic. “We regret to inform you that we have closed down our business. The decision to close down this business was not an easy one, but unfortunately due to COVID-19 and the restrictions on international travel it was not sustainable for us,” the company wrote on its website.
The company’s mainstay was international travel which contributed a significant portion to revenue. “While domestic travel resumed to some level towards the end of last year, International travel did not pick up and this impacted our sales,” the company’s MD VP Harris told Moneycontrol.
The initial three months of the last financial year were a complete washout because of the lockdown, and the company could recover only 25-30 per cent of business after the economy reopened. “Given our rentals, employee salaries, and other expenses, we would have not been able to survive even if we had done 50 percent of our pre-Covid business,” he added.
According to Harris, Witco’s downward spiral began with demonetisation, announced by the government in November 2016, which worsened further, after GST impacted its sales. The pandemic and lockdown proved to be the final nail in the coffin for the retail chain. The brand also tried to take the e-commerce route to survive and registered on Amazon and Flipkart but that too did not yield returns, shared Harris.
Travel & tourism has been one of the worst affected sectors due to the pandemic. The market share for travel-related accessories and equipment has also taken a huge hit. While most sectors are still hopeful of recovery by the end of this financial year, the travel sector remains apprehensive and could take a long time to revive, according to industry experts. Consequently, the outlook for related segments such as luggage, too, remains grim.
The brand with a strong presence in Chennai also had stores in Trichy, Kozhikode, Bengaluru and Kochi. Witco offered not only travel bags, but also laptop bags, backpacks, school bags, as well as handbags, from renowned brands like Samsonite, Delsey, American Tourister, Nike, Puma, VIP, Skybags, Baggit, Hidesign, Wildcraft and more.
The sudden closure of the brand has left its decades-old customers dismayed. Several of them reminisced on social media, and shared childhood memories of shopping at the stores before starting the academic year of school and college or for their first trip abroad.
“This is super sad. Witco was that one stop that you always window shopped and ogled in Forum Mall. It was also the place where we bought the first two large samsonite boxes that every graduate student buys before he goes to the US (and that was 18 years ago!),” shared one of the customers.
Another tweeted, “This is terrible news. the 65-year-old brand shuts down. I fondly remember trips to Anna Nagar Witco ahead of school reopening to purchase school bags. One such backpack bought in 2002 is still in use.”
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
