Representative Image Mumbai | New Delhi: Large Indian retailers are starting to shun discounts and have fewer product price markdowns online. The shift in strategy at retail chains such as Shoppers Stop, Arvind Fashions, Aditya Birla Fashion and Retail and Lifestyle tracks their inability to reboot sales online sufficiently despite running persistent discounts including the…
Mumbai: Samsonite global chief executive Kyle Gendreau said discounting levels in India are unsustainable and impacting profitability even as the US-based company toppled VIP Industries to become India’s biggest luggage maker by revenue last fiscal. “It is not sustainable what’s happening in the marketplaces, this level of discounting deteriorating profitability. We have taken a road…
MUMBAI: The political crisis in Bangladesh, which has taken a violent turn throwing normal life out of gear, has impacted Indian companies operating in the country.FMCG company Marico’s manufacturing operations in Bangladesh remain shut even as it claimed that a large majority of its retail sales force and distributors have now resumed operations. Marico which…
Mumbai: VIP Industries chairman Dilip Piramal said a plan to turn around the country’s biggest luggage maker was slower in taking off, prompting independent director Nisaba Godrej to quit the board. He, however, reiterated that the company is on the path to recovery. “The organisation is focused on improving its revenues and getting the brand…
Nisaba Godrej has resigned as an independent director on the board of VIP Industries, citing differing views on leadership accountability and succession planning. “As discussed, due to my differing view 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…
Luggage makers Samsonite, Safari and VIP Industries saw a significant decline in their growth rate as last year’s high base weighed on the March quarter earnings amid a weak wedding and travel season this year. Samsonite’s India business fell 10% year-on-year during the quarter compared to 108% growth a year ago, while Safari saw its…
Neetu Kashiramka, MD, VIP Industries Neetu Kashiramka, MD, VIP Industries, says VIP has lost quite a lot of market share in the last three to four years but is geared up to get back the lost market share. A lot of work has been undertaken around products. Kashiramka says: “Our product will now compete directly…
New Delhi: VIP Industries, a luggage and travel accessories maker, on Tuesday, has reported a decline of 83.78 per cent in consolidated net profit at Rs 7.15 crore for the third quarter ended in December 2023 from a consolidated net profit of Rs 44.10 crore in the same quarter of the previous financial year, it…
