Luggage maker VIP Industries has set target on growing the premium segment through its brand ̳Carlton‘and is looking to open 25 stores in 2016-17.
MD of VIP Industries Radhika Piramal said that there is a renewed focus on the premium segment with brand Carlton and VIP is looking at opening 25 stand-alone stores for the brand in the coming fiscal with significant investment toward the brand promotion.
She further added that the brand was bought in 2004, but was launched in India in 2011. In keeping with the times, brand’s goal in the last five years has been to transform the company from luggage to lifestyle categories.
The company is emphasising on two big categories that include Skybag backpacks, and ladies handbags under its brand- Caprese.
Piramal said that products under these categories are purchased more frequently than luggage, so the growth as well as sales will be larger for these categories, defining company’s focus on them. The company is also looking at increasing its shop-in-shops in multi-brand stores to promote Carlton.
VIP Industries has over 200 company managed stores, another 200 franchises and work with over 2000 multi-brand retailers.
She said that the company is seeing ‘healthy sales’‖having grown 15 per cent (up to December) with a profit of about 33 per cent, and expects to retain if not grow its market share.
VIP Industries is a market leader in the branded luggage segment with about 50 per cent market share, presently, with more than half the players in the market operating in the unbranded segment.
The company also exports its products, across West Asia, the UK, the US, Germany, Spain, Italy and select African and South-East Asian countries under the brands of VIP, Carlton, Skybags, Caprese, Alfa and Aristocrat.