‘Multiples’ entry has brought sharper focus and execution,’ Q&A with Atul Jain, MD & CEO of VIP Industries

Skybags, the mass-market brand of VIP Industries, has entered the sports category through a partnership with Chennai Super Kings (CSK). Atul Jain, MD & CEO of VIP Industries, tells Narayanan V about the collaboration, demand conditions in the luggage industry, and the company’s strategy following private equity firm Multiples came on board. Excerpts: What is the CSK–Skybags partnership about? We are launching a range of officially licensed CSK products as the team’s Official Luggage Partner for the upcoming IPL 2026 season. This association marks Skybags’ strategic entry into the sports category and reinforces VIP Industries‘ focus on engaging consumers through innovation, youth-centric platforms, and support for India’s sports culture. As part of the partnership, Skybags will retail an exclusive co-branded range of luggage and backpacks inspired by CSK’s brand identity. The luggage range will start at ₹4,590, while backpacks will be priced from ₹1,999. Atul on rise of D2C brands How do you plan to stay relevant in an increasingly crowded luggage market, especially with the rise of D2C brands? This kind of partnership, including the one with CSK, is one way we are trying to stay relevant. There are many new brands entering the market, and they certainly represent new-age competition for us. The digital revolution has also opened up newer sales channels. We are focusing on staying connected with younger consumers, as most D2C brands cater primarily to this segment. While we are a legacy player, we bring strong elements of trust and innovation. We also have our own manufacturing capabilities, which many new-age players do not, and that, we believe, adds significant value for consumers. How do you view the challenge from unorganised players? I would see it less as a challenge and more as an opportunity. Unorganised players may meet basic needs, but they often lack value additions such as extra features, innovative technology, and updated colours and design aesthetics. These gaps present a significant opportunity for us. In backpacks, for instance, estimates suggest that nearly 70% of the market remains unorganised, while only about 30% is accounted for by organised and branded players. This creates a large opportunity to bring that 70% into the organised space by offering more value. Atul on VIP industries profitable There are also significant imports from markets such as China and neighbouring countries. Beyond that, I do not see any major structural challenges for the industry, as raw materials are easily available and it is not a technology-intensive sector. How do you plan to turn VIP Industries profitable? Every business needs to be profitable and deliver returns to stakeholders. To improve profitability, we are introducing new products with added features and looking at ways to increase the average selling price. As products incorporate more features, our ability to command slightly higher prices improves. We have a strong portfolio of brands—VIP, Skybags, Aristocrat, Alfa and Caprese. We plan to premiumise a significant part of our offerings across Skybags and VIP by adding more technology and utility, such as expandable luggage, better zips and improved wheels. Our vision is to grow the business over the next two to three years while steadily improving profitability. How have things changed with the entry of private equity firm Multiples? When a private equity firm comes in, the focus is on execution from day one. There is a sharper emphasis on understanding customers quickly and ensuring that products remain relevant. We are working on reaching prospective consumers while also engaging more deeply with our existing customer base. With private equity on board, these efforts have become far more focused. We are spending more time on the ground, understanding consumer needs and identifying gaps. In fact, the CSK partnership was conceptualised and executed within just a few months. It has been only four months since Multiples came on board, and we are already seeing tangible outcomes. Going ahead, there will be more product launches, stronger communication-led value additions, and a greater push towards premium offerings. Consumers today need products for different use cases across the day and the week, and we intend to address those needs with a wider range of offerings, not limited to just luggage. VIP Industries has seen a fair amount of leadership churn in recent times. There were some leadership changes when Multiples came in as the new owner, which was only natural. However, the team is now largely stable and working with renewed enthusiasm and confidence about the future. The outlook at this stage is positive and stable.