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Indian Express
3 days ago
- Business
- Indian Express
Delhi HC upholds injunction order stopping luggage-maker VIP from using ‘Carlton' mark
A division bench of the Delhi High Court on Tuesday dismissed appeals challenging an injunction order against Indian luggage manufacturer VIP Industries from using the mark 'Carlton'. A division bench of Justices C Hari Shankar and Ajay Digpaul upheld a single judge's order of July 17, 2023, ruling that Carlton Shoes Limited (CSL) had 'goodwill of the CARLTON mark, as used by it in India, prior to the commencement of user of the CARLTON mark by VIP in 2006'. A single judge order of July 17, 2023, dealing with cross suits of infringement by Carlton Shoes Ltd (CSL), incorporated in UK in 1992, and VIP Industries had injuncted VIP from using the 'Carlton' mark in respect of goods covered by Class 18 and had rejected VIP's application for a similar injunction against CSL. Class 18 pertains to leather and imitations of leather, and goods made of these materials, and not included in other classes. In 2019, VIP had issued a legal notice to CSL, objecting to the use of 'Carlton' for bags, which VIP claimed to have been using for its bags and suitcases and other such items since 2006. VIP had contended that it had been using the 'Carlton' mark for luggage, or travel luggage, and enjoyed the goodwill in the said mark for over 15 years, whereas CSL had never used the 'Carlton' mark for luggage till 2019. It was argued that the goodwill earned by CSL in the 'Carlton' mark, by then, was only with respect to its use for footwear, and the goodwill earned by CSL by such use would not entitle them to maintain an action for passing off against VIP, even though there were some stray sales, by CSL, of Carlton purses and handbags. Both CSL and VIP possess registrations of the mark 'Carlton' in Class 18. The bench, deciding the appeals, framed the legal question: whether goodwill, for the purposes of determining a 'passing off' action, is of a mark, or of a mark in respect of particular goods or category of goods. The bench ruled that 'the goodwill that is required to be established in order to sustain a claim of passing off is goodwill in the mark, and not goodwill in the mark as used for any particular goods or services.' Noting that the finding that 'CSL having proved the existence of goodwill and reputation of the CARLTON mark, as used by it for more than 13 years prior to the commencement of user of the CARLTON mark by VIP for travel luggage, therefore, does not brook interference,' the court dismissed VIP's appeals.
Mint
28-06-2025
- Business
- Mint
The week in charts: GST revamp, Oil Plan B, Wegovy launch, India tops again
A revamp of the goods and services tax (GST) regime is on the cards, with the compensation cess likely to be merged into the main GST rates. Separately, India has activated a Plan B to secure oil supplies amid continued tensions in West Asia. Despite global headwinds, India retained its top spot among emerging market peers in May. GST revamp The finance ministry may merge the compensation cess on sin and luxury goods into the goods and services tax (GST) rates, Mint reported. The decision won't impact consumers as overall tax outgo would remain unchanged. Compensation cess, which makes up about 7% of the total collections, was levied on top of the GST rate to compensate states for potential revenue loss due to the transition to GST regime. This arrangement is set to expire in March 2026. The shift may become a part of recommendations on the tax-sharing formula for five years starting FY27 by the Sixteenth Finance Commission. Hefty bounty Indian companies doled out a record dividend of ₹4.9 trillion in FY25, despite the lacklustre earnings. Promoters, led by those in private firms, pocketed 51.5% of total dividends declared. A Mint analysis of 370 consistent dividend-payers from the BSE 500 shows that promoters with over 70% stake saw their dividend receipts surge by 45%. Those holding 50-70% and below 50% experienced more modest increases of 8.5% and 8.9% respectively. This trend indicates that higher promoter holdings, in some instances, led to increased dividend payouts. VIP deal 26%: Is the stake domestic private equity (PE) firms such as Multiples Alternatives and 360 One are eyeing in luggage maker VIP Industries, Mint reported. The stake sale could also trigger an open offer. The promoters currently own a little more than 50% of VIP Industries, shows stock exchange data. The sale is part of the promoters' ongoing efforts to exit the business. Last November, the company's talks with PE firm Advent International to sell a controlling stake fell through due to valuation mismatches. Oil Plan B India has devised an emergency plan to secure oil supplies amid the uncertainties in West Asia, Mint reported. It involves bypassing the Strait of Hormuz via two pipelines: Abu Dhabi National Oil Co's Habshan-Fujairah that opens to the Gulf of Oman, and Saudi Aramco's East-West to the Red Sea. India could also boost imports from the US. The recent conflict between Israel and Iran, with threats of closure of Strait of Hormuz had exposed India's vulnerability as the country imports over 40% of its oil from West Asian countries. India tops India, with a score of 67 out of 100, retained top spot among emerging economies in May, showed Mint's emerging markets tracker. However, the win came with a narrow lead. Thailand came a close second with a score of 66.6 due to best export performance. While India's score was driven by India's fastest GDP growth among peers, robust manufacturing activity, and sustained stock market gains, the lead narrowed due to deteriorated export growth and currency fluctuations. In April, India had scored 87.9. Slim deal ₹17,345: That is the starting price in India for Novo Nordisk's weight-loss drug Wegovy, launched earlier this week. The drug is administered as a once-a-week injectable pen and is prescribed for chronic weight management and reducing major adverse cardiovascular events. Available in five dosing strengths—0.25 mg, 0.5 mg, 1 mg, 1.7 mg and 2.4 mg—Wegovy is expected in pharmacies by end of the month. The launch follows rival Eli Lilly's introduction of Mounjaro in March 2025, intensifying competition in India's obesity treatment market. Bumper bonus Indian investment banks awarded record bonuses to their top brass this year as they earned substantial fees in FY25, Mint reported. It was fuelled by a surge in deals and initial public offering activity, and hefty fees earned by investment banks from them. Firms like Kotak Mahindra Capital, Axis Capital, Avendus Capital, and JM Financial reportedly distributed over $1 million bonuses to top executives. Indian investment banks earned over $1.35 billion in fee income in FY25, highest in the post-pandemic period, showed data from London Stock Exchange Group. Chart of the week: Space take-off Shubhanshu Shukla made history by becoming the first Indian astronaut to travel to the International Space Station (ISS). A look at data shows that ISIS visits are dominated by individuals representing the US (169), which is also home to Nasa. This is followed by Russia (63), Japan (11), and Canada (9). Follow our data stories on the'In Charts" and'Plain Facts" pages on the Mint website.
Mint
24-06-2025
- Business
- Mint
Multiples, 360 One among homegrown PEs eyeing a minority stake in VIP Industries
Bengaluru/Mumbai: Domestic private equity (PE) firms such as Multiples Alternatives and 360 One are in talks to pick up a minority stake in listed luggage and travel accessories maker VIP Industries, three people with knowledge of the development said. The stake sale is part of ongoing efforts of the promoter family–the Piramals–to exit the business. An attempt to sell controlling stake in the company fell through last November. The PE firms will buy around 26% stake in the company, likely triggering an open offer, the people cited above said on the condition of anonymity. 'Term sheets have been shared by the prospective investors," one of the persons said. 'Finer details of the deals are being discussed." 'Once the company turns around and shows better financial performance, these PE firms are likely to hike their stake in the company, paving the way for the promoters to exit over the medium term," the second person said. Last year, the company was in advanced talks with global PE firm Advent International to sell controlling stake, Mint had reported. The deal did not go through due to various reasons including valuation mismatch. Also read | VIP promoter revives stake sale talks, hires new banker Following that, promoter Dilip Piramal revived sale plans and appointed investment bank Arpwood to help it with the stake sale, Mint reported on 28 March. According to data available with the exchanges, the promoters own a little more than 50% of VIP Industries, the owner of luggage brands such as VIP, Carlton and Skybags. The company's market capitalization was around ₹6,092.65 crore at Monday's close on the National Stock Exchange (NSE), valuing the promoters' stake at about ₹3,046 crore. VIP's stock price stood at ₹429 a share, up 4.94% over Friday compared to a slide of 0.56% in the broader Nifty 50 index. Queries emailed to Dilip Piramal, Multiples Alternatives, and 360 One did not elicit any response. An Arpwood spokesperson declined to comment. As per a latest report by Statista, the revenue generated in the luggage and bags market in India amounted to $15.04 billion in 2024. It is expected that the market will experience an annual growth rate of 5.02% (CAGR 2024-2029), with 87% of the sales likely to come from non-luxury products. India's growing middle class and increasing travel aspirations are driving a surge in demand for premium luggage and bags. Read this | VIP Industries revives sale talks With ₹2,178.43 crore in consolidated revenues in FY25, VIP Industries, a brand synonymous with the aspiring Indian traveller of the 1990s, is much larger than its Indian rivals, except Safari Industries, which reported consolidated revenues of ₹1,771.58 crore in the same fiscal. VIP has close to 44% market share in the organized luggage category, according to an ICICI Securities analyst report last year. The organized sector, led by companies such as VIP, Samsonite and Safari, accounts for about 40% of India's ₹15,000-crore luggage industry, according to a report by global analytics firm Crisil last year. Over the years, VIP has grown organically and inorganically too. It acquired the London-based Carlton brand in 2004 and merged with Aristocrat Luggage Ltd in 2007, and has been selling luggage under these brands since then. With new startups emerging in the space to challenge the incumbents, the Indian travel and luggage space is heating up. Earlier this year, Mint reported on how new-age direct to consumer brands such as Mokobara, Assembly, Nasher Miles, Icon and Uppercase have secured funding from risk investors and are looking to disrupt the space. Rising incomes, an expanding travel infrastructure, and online bookings have fuelled a surge in travel among Indians, resulting in heightened demand for luggage. And read | How VIP is trying to shed its baggage
India.com
21-06-2025
- Business
- India.com
Meet Mukesh Ambani and Nita Ambani's close relative, runs company worth Rs 63680000000, his business is..., he is Isha Ambani's...
Isha Ambani is married to Anand Piramal. (File) Isha Ambani, the daughter of Asia's richest man Mukesh Ambani and his wife Nita Ambani, is married to Anand Piramal, heir to the Piramal Group business empire, which was established by Piramal family patriarch Piramal Chaturbhuj Makharia in 1920. The Piramal family is one of the most affluent business families in India, with Isha Ambani's father-in-law, Ajay Piramal, transforming the Piramal Group into a multinational conglomerate, with business interest in more than 100 countries. However, there is another lesser-known member of the Piramal family who is an equally respected name in the business space. Dilip Piramal, the elder brother of Ajay Piramal, and uncle-in-law of Isha Ambani. Who is Dilip Piramal? Dilip Piramal, the older brother of Ajay Piramal, and uncle to Isha Ambani's husband Anand Piramal, runs VIP Industries– one of India's oldest and largest luggage making companies, known for its sturdy suitcases, trendy bags, and other types of luggage. In 1979, after the passing of their father, Gopikisan Piramal, Ajay and Dilip decided to divide the family business, following which Dilip founded VIP Industries, which manufactured quality luggage, a rarity in India in those days. Over the years, VIP became a household name in India, and grew into the country's largest luggage manufacturer under the leadership of Dilip Piramal, and currently has a market valuation pegged at an impressive Rs 6,368 crore. VIP has a whopping 8,000 retail shops across India, and owns several popular luggage brands such as Carlton, Skybags, Caprese, Aristocrat, and Alfa — all of whom have carved a niche of their own. Dilip Piramal's relation to Isha Ambani As mentioned earlier, Isha Ambani, the daughter of Mukesh Ambani and Nita Ambani, is married to Anand Piramal, who is the son of Ajay Piramal, and nephew to Dilip Piramal. Thus, Dilip Piramal is the uncle-in-law of Isha Ambani.
Business Standard
14-05-2025
- Business
- Business Standard
VIP Inds tumbles after Q4 net loss widens to Rs 27 cr
VIP Industries declined 3.74% to Rs 334.35 after the company's consolidated net loss widened to Rs 27.36 crore in Q4 FY25 as against a net loss of Rs 23.88 crore reported in Q4 FY24. Revenue from operations declined 4.28% year on year (YoY) to Rs 494.21 crore in the quarter ended 31 March 2025. Total expenses fell 3.35% YoY to Rs 534.88 crore during the quarter. Employee benefit expenses were at Rs 54.38 crore (down 20.35% YoY). The cost of material consumed stood at Rs 200.68 crore (up 5.78% YoY). The firm reported a pre-tax loss of Rs 36.88 crore in the fourth quarter of FY25, as against pre-tax loss of Rs 33.25 crore posted in the corresponding quarter last year. On a full year basis, the company reported consolidated net loss of Rs 68.79 crore in FY25, compared with net profit of Rs 54.30 crore in Q4 FY25. Revenue from operations fell 2.96% year on year to Rs 2,178.43 crore in FY25. VIP Industries is the leading manufacturer of hard and soft luggage in Asia.
