Re-opening of schools has improved the demand for backpacks, Dilip G Piramal, chairman of India’s largest luggage manufacturer VIP Industries, told CNBC-TV18 on March 29, adding that historically, Q1 has been the strongest quarter for the company.
Piramal further said that blended price hikes in Q4 have been around 5 percent. The company’s market share was at 47 percent and its target was 50 percent.
“Sourcing from China has declined from 60 percent to 10 percent,” Piramal said, adding Bangladesh was expected to give the company 50 percent of its total units.
“Margin has been volatile due to input costs and uncertain factors. We have a target of achieving Rs 2,000 crore revenue in FY23 with margin in mid-teens,” he added.