On the back of an economic slowdown in the country, VIP Industries Ltd is hoping for a 9 to 10 percent growth in its revenue during the current financial year. For the financial year 2018-19, VIP’s profit had increased by 15 percent to Rs 145 crore ($20.3 million), while revenue grew 26 percent to Rs 1,785 crore against the previous year.
The company recently strengthened its retail presence in east India with the addition of two new stores in the city of Kolkata. VIP has over 600 showrooms across the country and also sells through retail chains Shopper’s Stop, Lifestyle, Central, Big Bazaar and e-commerce platforms at present.
“Slowdown has started to pinch us. We will be happy if we register 9-10 percent growth this fiscal. The company is expecting growth at a time when many other sectors are staring at de-growth,” said the managing director, Sudip Ghose.
VIP is also planning to expand its product portfolio and soon be launching women-only soft and hard luggage variants to consolidate its market position in the luggage and accessories segment.
Currently, VIP owns around 22 percent market share in India with its fashion and accessories brands like Carlton, Skybags, Caprese, Aristocrat, and Alfa.