VIP Industries to set up manufacturing unit in Bangladesh

Luggage maker VIP Industries today said it has incorporated a wholly-owned subsidiary in Bangladesh to set up a luggage manufacturing plant.

"A wholly-owned subsidiary of the company by the name VIP Industries Bangladesh Pvt Ltd has been incorporated on April 5, 2012 to set-up luggage manufacturing plant in Bangladesh," VIP Industries said in a statement.

The company, however, did not share any financial details.

The company had last year announced a major makeover with focus on fashion baggage and accessories segment.

It had announced to launch an array of products in Ladies Fashion Bag segment and ramp up its product portfolio in the accessories category.

Shares of VIP Industries today closed at Rs 93 on the BSE, down 4.42 per cent from its previous close.