VIP Industries has strengthened its senior management team with the appointment of Mr. Sameer Wanchoo as Chief Marketing Officer, effective December 22, 2025. The appointment was approved by the Board of Directors through a Board Circular Resolution based on the recommendation of the Nomination and Remuneration Committee.

Appointment Details

The key details of Mr. Wanchoo's appointment are outlined below:

Professional Background

Mr. Sameer Wanchoo brings substantial marketing expertise to VIP Industries. He holds a Post Graduate Diploma in Marketing from K.J. Somaiya Institute of Management Studies and Research, providing him with a strong academic foundation in marketing principles.

His professional experience includes a significant tenure as Chief Marketing Officer at Eureka Forbes Limited, where he demonstrated exceptional capabilities across multiple areas:

• Launching new technologies and innovative solutions
• Co-creating award-winning product designs
• Re-staging brands for enhanced market positioning
• Enhancing consumer experience across E-commerce and Direct-to-Consumer (D2C) channels

Industry Experience

Prior to his role at Eureka Forbes, Mr. Wanchoo gained valuable experience working with several reputed organizations in the consumer goods sector. His professional journey includes associations with:

• Cavin Kare Limited: Contributing to the personal care and food products company's marketing initiatives
• Dabur India Limited: Working with one of India's leading consumer goods companies known for health care and personal care products

Strategic Implications

The appointment of Mr. Wanchoo as Chief Marketing Officer represents VIP Industries' commitment to strengthening its marketing capabilities and senior management team. His extensive experience in launching new technologies, product design, and enhancing consumer experiences across digital channels aligns well with the evolving needs of the luggage and travel accessories industry.

VIP Industries has formally communicated this appointment to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full compliance with regulatory requirements.

VIP Industries , a leading luggage manufacturer, has experienced a downgrade in its credit ratings by Crisil Ratings, affecting Rs 424 crore of bank loan facilities. This decision follows a review of the company's financial results and impacts its relationships with several major banks.

Rating Changes

Affected Banking Relationships

The downgrade impacts VIP Industries' facilities with multiple banks, including:

• Kotak Mahindra Bank
• YES Bank
• HSBC (The Hongkong and Shanghai Banking Corporation Limited)
• Qatar National Bank
• Federal Bank
• Axis Bank

Financial Performance Overview

Key financial metrics from VIP Industries' recent balance sheet provide context for this rating change:

The company has experienced a decline across several key financial indicators over the past year, which may have contributed to Crisil's decision to downgrade the ratings.

Implications

The downgrade in credit ratings could potentially:

1. Increase borrowing costs for VIP Industries
2. Affect the company's ability to secure new credit facilities
3. Impact investor perception and possibly stock performance

Investors and stakeholders should monitor VIP Industries' future financial performance and any strategic moves the company might make to address these challenges.

While the downgrade is significant, it's important to note that Crisil still maintains an 'A' category long-term rating for VIP Industries, indicating a strong degree of safety regarding timely servicing of financial obligations.

As the luggage industry continues to recover from pandemic-related disruptions, VIP Industries' ability to improve its financial metrics and cash flows will be crucial in potentially reversing this rating trend in the future.