VIP eyes UK retail chain Steads

VIP Industries is looking at acquiring Steads Baggage Company, a luggage and leather retail chain in the UK.

Steads has a network of 20 outlets in and around London, and is believed to be scouting for a buyer.

E P Suresh Menon, VIP's president-international business, said an acquisition like Steads' would prove beneficial to the company because of the retail presence it would provide. "We are open to acquisitions if they can provide a value add to our business," he said.

VIP is also in talks to take over a hard luggage manufacturing facility in France, which was into contract manufacturing for Delsey.

This unit, which is owned by a third party, was shut down earlier in July.

Menon said the company was in the process of collecting more information on the plant and machinery specifications, following which it would go ahead with talks.