By: Rahul Rao
Following the exit of the Piramal family, Renuka Ramnath's Multiples PE has taken operational control of VIP Industries. Despite a massive market share collapse to 29% and a negative EBITDA margin shock in FY26, a rigid inventory clean-up, debt reduction, and a comprehensive leadership overhaul suggest a classic private equity turnaround play is underway for the iconic Indian luggage brand.













