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End of the Line: Dilip Piramal Bids VIP Goodbye

Updated: July 16, 2025 23:03

Image Source: Maharashtra Times

Dilip Piramal is India's king of luggage, founder and veteran chairman of VIP Industries—Asia's biggest and the world's second-largest luggage firm worth Rs 6,800 crore. He is also closely connected to the Ambani dynasty; his brother's son Ajay Piramal is wedded to Mukesh Ambani's daughter Isha, making Dilip Piramal Ambani's in-law.

The Big News

At 75 years old, Dilip Piramal has offloaded a 32% stake in VIP Industries to Multiples Private Equity-led consortium for approximately Rs 1,763 crore. This is for the first time in over five decades that a generational and strategic change has taken place in the home Indian brand.

Why Was He "Forced" to Sell?
No Willing Heirs: Piramal's children like managing director Radhika Piramal are not interested in running the business on a full-time basis.

Business in Crisis: VIP Industries experienced falling sales, dwindling market share, and reported losses in all four quarters of last year—questioning its existence.

Management Issues: Piramal confirmed that both professional and family managers were unable to restore VIP's original glory.

Age Factor: Piramal said that he was too old to manage the company alone and needed someone "capable of taking over and bringing the brand back to the leadership position.".

What Comes Next

Control rests with Multiples PE and their group.
Piramal will remain Chairman Emeritus, and his wife will also be provided with a seat on the board. He will reduce his holding to below 10% in five years. The deal is targeted at unlocking the next level of development for VIP, which boasts an enormous sales network globally.

Source: India.com, DFU Publication, CNBCTV18

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