CCI Approves Multiples PE, Sacheti Brothers’ Stake Buy in VIP Industries

The Competition Commission of India (CCI) has granted approval for the acquisition of a stake in V.I.P. Industries Limited, one of India’s leading luggage and travel accessories companies, by a consortium of investors led by Multiples Private Equity Fund IV (MPEF), Multiples Private Equity Gift Fund IV (MPGF), Samvibhag Securities Private Limited, and individual investors Mr. Mithun Padam Sacheti and Mr. Siddhartha Sacheti.

Details of the Proposed Combination

The approved transaction involves the acquisition of certain shareholding in VIP Industries by the above-mentioned entities. The consortium includes both institutional private equity funds and individual investors with long-standing interests in consumer and retail businesses.

• MPEF: A Category II Alternative Investment Fund (AIF), registered with the Securities and Exchange Board of India (SEBI) and managed by Multiples Alternate Asset Management Private Limited (MAAMPL).

• MPGF: An investment vehicle registered with the International Financial Services Centres Authority (IFSCA) under the Category II AIF (Non-Retail, Restricted Scheme), managed by Multiples Asset Management IFSC LLP, a controlled affiliate of MAAMPL.

• Both MPEF and MPGF are part of the Multiples Group, which has a diverse investment portfolio across consumer, industrial, IT, financial services, healthcare, and pharmaceuticals sectors.

• Samvibhag Securities Private Limited: An investment entity backed by noted investor Mr. Akash Bhanshali, engaged in portfolio investment activities.

• Mithun Padam Sacheti and Siddhartha Sacheti: Prominent entrepreneurs and investors, bringing individual capital and experience to the deal.

The Target Company: VIP Industries

V.I.P. Industries Limited, a listed company, is among India’s most recognized names in the travel and lifestyle segment. Founded in 1971, VIP Industries manufactures and sells luggage, handbags, backpacks, and travel accessories under popular brands such as VIP, Skybags, Carlton, and Caprese. With a strong distribution network of over 8,000 retail outlets and presence in more than 40 countries, VIP Industries has established itself as a market leader in the Indian luggage industry.

Strategic Significance of the Deal

The acquisition marks a strategic step for the Multiples Group, which has consistently shown interest in high-growth consumer-facing businesses. By bringing in the Sacheti brothers and Samvibhag Securities alongside its own investment funds, the consortium is expected to provide VIP Industries with:

• Capital infusion to strengthen operations and expand product lines.

• Strategic expertise in scaling businesses in competitive consumer markets.

• Support in digital, logistics, and distribution innovation, which are becoming crucial in the travel and lifestyle retail sector.

Industry analysts see the move as a vote of confidence in India’s growing travel and tourism sector, as rising disposable incomes, increased domestic tourism, and expanding international travel fuel demand for premium and durable travel accessories.

Regulatory Approval from CCI

The CCI approval confirms that the acquisition does not raise anti-competitive concerns and aligns with the principles of fair competition in the Indian market. It clears the way for the consortium to proceed with its shareholding acquisition, subject to compliance with other regulatory and market-related requirements.

Outlook

With this acquisition, VIP Industries is expected to accelerate its growth trajectory, explore new product innovations, and expand its global footprint. For the investors, it represents an opportunity to leverage India’s expanding consumer base and tap into the resilient demand for branded lifestyle and travel products.

This development highlights the continuing trend of private equity participation in India’s consumer and retail space, with investors betting big on long-term consumption growth.