Piramals to sell 32% stake in VIP Industries as shares decline by 6% in 2025

14 July, Mumbai 2025

The Dilip Piramal family has signed a definitive agreement to sell up 32 per cent of their stake in the prominent luggage manufacturer VIP Industries to a consortium led by private equity firm Multiples. This move is result of the 6 per cent decline in shares registered so far in 2025 by the company.

Upon completion, this transaction will trigger an open offer under SEBI’s Takeover Regulations, formalizing the transition of control, as stated in a VIP Industries stock exchange filing.

Multiples plans to acquire up to 26 per cent of the expanded share capital, from public shareholders at Rs 388 per share. This aggregates to a total consideration of up to Rs 1,437.78 crore (approximately $172 million), payable in cash.

The Piramal family will retain shares, and Dilip Piramal will assume the role of Chairman Emeritus, providing guidance while stepping back from daily operations. Renuka Ramnath, Founder and CEO, Multiples Alternate Asset Management, says, her company aims to unlock the next phase of growth for VIP Industries’ by building on its rich heritage.

The deal is pending regulatory approvals, including from the Competition Commission of India. Arpwood Capital advised the sellers, JM Financial is managing the open offer, and legal guidance was provided by AZB & Partners, Khaitan & Company, and Anagram Partners.

Established in 1971, VIP Industries has grown to become Asia’s largest and the world’s second-largest luggage maker, with brands like VIP, Skybags, Carlton, Aristocrat, and Caprese. The company boasts over 10,000 points of sale and 8,000 employees, with a strong presence across India, the Middle East, the UK, Africa, and Southeast Asia.

LATEST FASHION NEWS