On July 14, 2025, VIP Industries announced that it is selling a 32% stake to a consortium led by Multiples Alternate Asset Management. This group includes Multiples PE Fund IV, Multiples Gift Fund IV, Samvibhag Securities, and well-known investors Mithun Padam Sacheti and Siddhartha Sacheti. The stake being sold comes from VIP’s promoter entities, including Kemp & Company, DGP Securities, Kiddy Plast, Piramal Vibhuti Investments, and Alcon Finance & Investment.
The deal involves about 4.54 crore shares, valued at ₹1,763 crore, with each share priced at ₹388—roughly 15% lower than the market price of ₹456 at the time. This transaction will result in a major change in management control, handing over leadership to the Multiples-led consortium.
As per SEBI rules, this deal triggers an open offer to the public to buy an additional 26% stake. If fully accepted, the group will hold about 58% of the company, gaining clear majority control.
Dilip Piramal, Chairman of VIP Industries, said he welcomed the new group as strategic partners and believed they could help rebuild the brand’s leadership in the luggage market. Renuka Ramnath, the CEO of Multiples, said her team was excited to lead this transition and work on reviving VIP’s legacy.
VIP Industries is one of the biggest names in luggage manufacturing, not just in India but globally. It is Asia’s largest and the second-largest in the world, with over 10,000 retail outlets across 45 countries.
After the news, VIP’s stock price dropped by over 5% during the day, hitting a low of ₹432.15, before recovering to close at ₹456. Meanwhile, Asian Paints, a stakeholder in the paints industry but not involved in this deal, saw its shares rise slightly.
This move marks a big shift for VIP Industries, bringing in new capital, leadership, and direction. The deal could lead to modernization and stronger competition in the growing Indian luggage market.