On July 13, 2025, VIP Industries Limited, Asia’s largest and the world’s second-largest luggage manufacturer, announced a major shift in its ownership. The company revealed that the Dilip Piramal family, the current promoters, has signed a definitive agreement to sell up to 32% stake in VIP Industries to the Multiples Consortium. This transaction will lead to a change in control and will trigger an open offer under SEBI Takeover Regulations.
Multiples to Lead Next Phase of Growth
Post-completion, Multiples Private Equity will take over control of the company, while the Piramal family will continue to retain shareholding. Mr. Dilip Piramal will assume the honorary role of Chairman Emeritus. The transaction is pending necessary approvals, including from the Competition Commission of India.
Commenting on the development, Mr. Dilip Piramal said, “This marks an important step toward reviving the company’s strong legacy and helping it regain its foothold in the Indian luggage market, where it has struggled in recent years.” Renuka Ramnath, MD & CEO of Multiples, added, “We are excited to lead the ownership transition and unlock the next phase of VIP’s growth.”
Strategic Advisors and Legal Counsels
The transaction has been facilitated by Arpwood Capital Private Limited as the exclusive financial advisor to the sellers. JM Financial will act as the open offer manager. Legal advisory roles are being fulfilled by AZB & Partners (for the sellers), Khaitan & Company (for Multiples), and Anagram Partners (for Multiples’ consortium).
Legacy of VIP Industries
Established in 1971, VIP Industries has sold over 100 million luggage units globally and boasts a diverse brand portfolio including VIP, Skybags, Carlton, Aristocrat, and Caprese. With over 8,000 employees and presence across 45 countries, the company has been recognized for ethical business practices and workplace inclusion, winning accolades such as the CFBP award and IWEI Bronze recognition.
About Multiples
Multiples Alternate Asset Management is one of India’s leading private equity firms, known for its partnership-driven investment strategy. It has backed over 30 companies in sectors such as fintech, healthcare, green economy, and consumer brands. Past investments include names like Dream Sports, PVR, Licious, and Delhivery.
This strategic shift marks a new chapter for VIP Industries. With fresh leadership and capital infusion from a reputed growth investor, the company is well-positioned to reclaim its dominance in the global travel gear market.
