Through names including VIP, Carlton, and Skybags, the promoter group, helmed by Dilip Piramal, commands about half of the Indian luggage market.
Due to disagreements over succession planning and managerial accountability, Nisaba Godrej has resigned from her position as an independent director on the board of VIP Industries.
“As discussed, due to my differing views on leadership accountability and succession planning, I will be resigning from the board effective June 3rd, 2024,” she said in her letter to VIP Industries chairman Dilip Piramal, a copy of which was filed by the company on BSE. “VIP Industries is a wonderful company, a creator of the luggage category in India and the market leader, and I wish the company much success in the years to come,” she added.
In addition to her role as executive chair of Godrej Consumer Products, Nisaba is an independent director on the boards of Mahindra & Mahindra and Airtel.
After Anindya Dutta quit from the luggage company a year ago, citing personal reasons, the company promoted chief financial officer Neetu Kashiramka to managing director designate. Additionally, there have been rumors that the company’s promoters intend to sell their ownership interest.
Through names including VIP, Carlton, and Skybags, the promoter group, helmed by Dilip Piramal, commands about half of the Indian luggage market. But Samsonite at the high end of the market and Safari Industries at the low end have been outperforming it.
With ₹2,215 crore in net sales last fiscal year, VIP Industries reported a 10% increase. Nevertheless, net profit decreased from ₹161 crore in the previous fiscal year to ₹28 crore in FY24.
There is a noticeable slowdown in the increase in sales at luggage manufacturers Samsonite, Safari, and VIP Industries.
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