Higher Spending On Travel, Weddings Good For Luggage Companies, Says VIP Industries
India's luggage industry is riding the tailwinds from the country's rapidly growing travel business and higher spending during the wedding season, according to VIP Industries Ltd.'s Chairman Dilip Piramal.
“Everything is going good for the industry and for VIP,” Piramal told BloombergQuint, adding that this is further led by a robust economy. “Goods and Services Tax has given a good impetus to us, particularly in the smaller items where we seem to have taken a good share from the unorganised sector.”
VIP's growth came from all the segments of the luggage industry, Piramal said.
The company's margin, however, were a little stressed in the third quarter due to depreciation in the rupee and higher import duty. The margin strain, he said, would continue in the fourth quarter of 2019, but improve from the next financial year.
Watch the full interaction here:
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