Financial Daily from THE HINDU group of publications
Tuesday, Oct 12, 2004
Financial Daily from THE HINDU group of publications Tuesday, Oct 12, 2004 |
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Corporate
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Announcements VIP to set up hub centre in Hong Kong Our Bureau
Mumbai , Oct. 11 VIP Industries Ltd said it has set up a new hub centre in Hong Kong to tap the $750 million (around Rs 3,435 crore) luggage market in South East Asian and Asia Pacific region. The company is planning to launch its recently-acquired British brand, the Carlton range, in this market. "The Hong Kong centre is a strategic initiative and is part of our global plans to take the top spot in the global luggage industry," a press release said quoting Mr Dilip Piramal, Chairman of the company. "VIP already has a market presence in hard luggage but to gain a leadership position in the soft luggage segment we would have to put in place a global supply chain to derive maximum value addition at each step of the manufacturing and marketing process," the release said. The company would be using its Hong Kong office to source good quality soft luggage accessories and semi-finished luggage components from the competitive Chinese industry. The company also plans to set up a modern design centre at the Hong Kong office to ensure that its design and new product developments are in step with global trends. The company would also source new designs from designers for the global market. The Carlton brand is expected to help the company to make a foray into the European market. Last year, the company had set up a joint venture in Bangladesh - VIP Nitol Industries Ltd. The company hopes to cater to the South East Asian and other markets from its Bangladesh unit.
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