Reaching For The Skies
Ever since Radhika Piramal took over as the managing director of VIP Industries in 2010, she has been working on the vision she set for herself. An MBA from Harvard Business School, she on her company website says: “the vision is to maintain a leadership in the Indian luggage market and to expand leadership beyond luggage into other bags such as office bagpacks, office bags and ladies hand bags.
Piramal sticks to her words. Under her leadership, the company has so far launched Caprese, a women’s handbag brand. That’s not all. She also successfully re-launched Skybags, which falls in the category of a mid-segment brand of backpacks and duffle-bags that VIP Industries introduced in the 1980s.
It may be pertinent to say that Piramal, daughter of Dilip and Gita Piramal, took over the company at a time when it was struggling to bring in a fresh lease of life with competition mounting from global players such as Samsonite that had had entered India by then.
Prior to joining the family business, Piramal had brief stints with consultancy firm Bain & Company in New York and Future Brands. She graduated from Oxford University (UK).
Today, VIP Industries commands a major chunk of market share, over 50 per cent, in the organised luggage market in the country. However, like all other brands, it needs constant innovation to retain its top slot and connect with the rather discerning Indian consumers of today. As per industry experts, the size of the organised luggage market is about Rs 2,600-crore, and if one takes into account the unorganised sector as well, the market stands at about Rs 7,500 crore.
“The main reason why we have been able to successfully maintain our market leadership in the branded luggage market is because of the excellent management of our portfolio of brands,” says Piramal in the video addressed to her viewers.
Established in 1971, VIP Bags has made a mark in the luggage industry. It is in fact the largest luggage maker in Asia. The company is known for manufacturing plastic moulded suitcases, handbags, briefcases, vanity cases and luggage. It acquired UK luggage brand Carlton in 2004.
