Legacy To Leadership: Dilip Piramal Steps Down As VIP Industries Chairman, Renuka Ramnath Takes The Helm

VIP Industries Ltd, India’s largest luggage manufacturer, has announced a major leadership transition with the resignation of Dilip Piramal as Chairman and the appointment of Renuka Ramnath as the new Chairperson. The move marks the end of an era for the company, which Piramal led for over five decades, and ushers in a new phase of professional stewardship under Ramnath, a seasoned investor and founder of Multiples Alternate Asset Management.

 

The announcement follows a strategic realignment initiated earlier this year, in which the Piramal family agreed to divest a significant stake in VIP Industries to a consortium led by Multiples. The leadership change is part of a broader effort to reposition the company for long-term growth, innovation, and global competitiveness.

 

Key Highlights From The Leadership Transition

 

- Dilip Piramal resigns as Chairman of VIP Industries after more than 50 years of leadership  

- Renuka Ramnath appointed as Chairperson following stake acquisition by Multiples  

- Piramal to continue as Chairman Emeritus, offering strategic guidance without executive responsibilities  

- The transition aligns with the company’s shift toward professional ownership and governance  

- VIP Industries aims to unlock new growth avenues under Ramnath’s leadership  

 

Dilip Piramal’s Legacy And Strategic Exit

 

Dilip Piramal’s tenure at VIP Industries began in the early 1970s and saw the company evolve from a domestic luggage brand into Asia’s largest and the world’s second-largest luggage manufacturer. Under his leadership, VIP expanded its portfolio to include brands like Skybags, Carlton, Aristocrat, and Caprese, and built a distribution network spanning over 10,000 points of sale across India and international markets.

 

In a recent interview, Piramal reflected on the decision to step down, citing generational shifts, market pressures, and the need for fresh energy to drive the company forward. He emphasized that professional ownership was essential to sustain VIP’s leadership in a rapidly changing consumer landscape.

 

Piramal will now serve as Chairman Emeritus, continuing to offer strategic counsel while stepping away from day-to-day operations.

 

Renuka Ramnath’s Appointment And Vision

 

Renuka Ramnath, a veteran private equity investor and founder of Multiples Alternate Asset Management, brings deep experience in scaling consumer businesses and driving operational excellence. Her appointment as Chairperson signals a shift toward institutional governance and performance-driven leadership.

 

Multiples recently acquired a controlling stake in VIP Industries, triggering an open offer to public shareholders and formalizing the transition. Ramnath has outlined her intent to build on VIP’s heritage while accelerating innovation, digital transformation, and global expansion.

 

Her priorities include:

 

- Strengthening brand equity across domestic and international markets  

- Enhancing supply chain agility and manufacturing efficiency  

- Investing in product design, sustainability, and customer experience  

- Driving shareholder value through disciplined capital allocation  

 

Governance Realignment And Shareholder Response

 

The leadership change is accompanied by a broader governance overhaul, including board reconstitution and committee realignments. VIP Industries has reaffirmed its commitment to transparency, compliance, and stakeholder engagement.

 

Shareholders have responded positively to the transition, viewing Ramnath’s appointment as a catalyst for renewed growth. The company’s stock has stabilized after a volatile period earlier in the year, and analysts expect improved performance metrics in the upcoming quarters.

 

Strategic Outlook And Growth Trajectory

 

VIP Industries is poised to enter a new chapter under professional leadership, with a focus on:

 

- Expanding its footprint in Southeast Asia, the Middle East, and Africa  

- Leveraging e-commerce and omnichannel retail strategies  

- Innovating in lightweight, sustainable luggage materials  

- Building a future-ready organization with data-driven decision-making  

 

The company’s strong brand portfolio, manufacturing capabilities, and market leadership provide a solid foundation for transformation and scale.

 

Sources: Fortune India, DFU Publications, VIP Industries AGM Notice September 2025