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
Rohini Laya Venkateswaran named executive director at Gillette India
P&G veteran with two decades of experience steps into leadership role
NEW DELHI: Rohini Laya Venkateswaran has been appointed executive director at Gillette India Pvt. Ltd., bringing with her more than two decades of experience across sales, strategy and brand leadership within the consumer goods sector. In her new role, she will help steer the company’s strategic direction and growth while strengthening its footprint in the grooming and personal care category.
Venkateswaran joins the board after a long career at Procter & Gamble, where she spent nearly 21 years shaping sales strategy, building brands and driving market expansion across India and international markets.
Most recently, she served as chief sales officer for India at P&G. Prior to that, she was vice president and country manager for east gulf markets, overseeing operations in Kuwait, Oman, Bahrain and Qatar while also guiding sales strategy across the Gulf region, including the UAE.
Earlier in her career, she led sales strategy and planning for India while serving as marketing leader for brands such as Olay and Old Spice. During this stint, she focused on reshaping go-to-market channels and building awareness through digital, social and influencer-led campaigns to drive growth.
Her journey at P&G also included roles such as director sales strategy and planning leader India, associate director modern retail and ecommerce, regional manager for Delhi and Rajasthan, and several key account and trade marketing roles across the country. She also spent time in the United States working on the P&G Walmart international team, collaborating on global retail initiatives.
Venkateswaran holds an MBA in marketing from SP Jain Institute of Management and Research and a bachelor’s degree in mechanical engineering from RV College of Engineering.
With her mix of sales acumen, brand-building experience and global exposure, Venkateswaran’s appointment signals a sharpened focus on growth and market leadership for Gillette India.
