The Hindu Business Line : VIP aims at Rs 100-cr exports this fiscal

HAVING established its leadership in the domestic market, luggage major VIP Industries Ltd, aims at strengthening its presence in the global arena with a projected exports of Rs 100 crore during the current fiscal.

It has already invested Rs 18 crore on a new plant in Uttaranchal to augment its overall capacity to meet the demand from new export markets. The new plant, with a capacity of 18 lakh units per annum, is to start production in April next year.

VIP already has a capacity to manufacture 22 lakh units of luggage and chairs in its plants in Nashik and Sinnar in Maharashtra.

It currently exports luggage worth Rs 30 crore to West Asia, Europe, the US and select African and South East Asian countries.

With the appointment of distributors in Japan, Malaysia and Singapore, VIP hopes to achieve its export target, while expanding its presence in the traditional markets of Europe, the US, Africa and West Asia.

According to Mr Videh Kumar Jaipuriar, Vice-President (Sales), Blow Plast Ltd (marketing arm of VIP Industries), VIP leads the market with a 65 per cent share, trailed by Aristocrat with 18 per cent.

With an overall sales turnover of Rs 370 crore last year, VIP has also identified the south Indian markets as a growth area aiming a faster growth to its current share of 22 per cent. VIP opened its fifth exclusive retail outlet in Bangalore on Tuesday, with plans to add two more by the year-end.

VIP also plans to upgrade its exclusive outlets, VIP Lounge and VIP World to reflect the company's focus on customer convenience, quality of products and aesthetic display, Mr Parag Dani, Retail Sales Head, Blow Plast said.

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