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Safari Surges Ahead of VIP in Indian Luggage Market
2 Apr
Summary
- Safari Industries has surpassed VIP Industries in revenue for the first nine months of FY25.
- Safari's market capitalization has nearly tripled, significantly outperforming VIP's stock.
- Both VIP and Safari hold roughly one-third of India's organized luggage market each.
The Indian luggage market is witnessing a dramatic divergence in the growth trajectories of its two leading domestic players, VIP Industries and Safari Industries. Six years after the initial reported COVID-19 case in India, the nation's travel sector has recovered and is experiencing a boom.
In the first nine months of the 2024-25 fiscal year, Safari Industries has surpassed VIP Industries in terms of revenue, posting ₹1,574 crore against VIP's ₹1,422 crore. This financial outperformance extends to the stock market, where Safari's market capitalization has nearly tripled during a period when VIP's shares experienced a nearly 10% decline, even as the benchmark Nifty 50 index saw significant growth.
Despite these recent shifts, both VIP Industries and Safari Industries continue to dominate India's organized luggage sector, with each company commanding approximately one-third of the market share. The remaining portion is held by the US brand Samsonite.
