VIP to focus on premium seg,to open 25 Carlton stores in FY17

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.
"There is a renewed focus on the premium segment with our brand Carlton and we are looking at opening 25 stand-alone stores for the brand in the coming fiscal with significant investment toward the brand promotion," MD of VIP Industries Radhika Piramal told PTI here.
"We bought the brand in 2004 but launched it in India in 2011. In keeping with the times, our goal in the last five years has been to transform the company from luggage to lifestyle categories," she said.

The company is focussing on two big categories, including Skybag backpacks, and ladies handbags under its brand - Caprese.
"Products in these categories are purchased more frequently than luggage so the growth as well as sales will be larger for these categories, defining our focus on them," she said.
VIP Industries has over 200 company managed stores, another 200 franchises and work with over 2000 multi-brand retailers.

It is also looking at increasing its shop-in-shops in multi-brand stores to promote Carlton, Piramal said.
She said 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 marketshare.

"With the current categories, we will focus on scaling up rather than new acquisitions over the next few years," she added.
VIP Industries is a market leader in the branded luggage segment with about 50 per cent marketshare, presently, with more than half the players in the market operate in the unbranded segment.
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Meanwhile, the Centre has also upgraded the security
cover jurisdiction of Chirag Paswan, son of Union Cabinet Minister Ram Vilas Paswan and MP from Jamui, from the present only-Bihar to all-India under the 'Y' category.
"While the junior Paswan was being secured by CRPF commandos only in Bihar, he will now enjoy this VIP cover all over India," an official said.