Finally, there is a positive story from the corporate world. VIP Clothing Ltd. called for a press conference to make three landmark announcements. The first announcement was that the Pathare family has taken over the shares of the Reddy family and from approximately 33% now own 63.57% stake of the company. With many vying for the share, the much speculated buy out finally went in the favour of the Pathare’s. How often do we see one promoter buying out another, that too amicably? The second announcement made by the Chairman of the VIP Clothing Ltd. Group, Mr. J.K. Pathare was that his son Mr. Sunil Pathare was appointed the new Vice-Chairman and Managing Director of the company and what better day for this than his birthday. The VIP Clothing Ltd. Group shares its birthday with the new MD, both turning 37 years on the same day. The third announcement was that as the new MD, his son, Mr. Sunil Pathare, the first change in the organization that he made was the change in the logo of the company denoting a younger but stable look. The new logo is colourful, dynamic, energetic and multi dimensional. Ms. Shamita Singha, hosted the event and Ms. Neha Dhupia graced the occasion to give a hands up to the VIP Clothing Ltd. Group and unveil this new look, the new logo of the company. Director kapil Pathare, the youngest of the Pathare leader, popped open a champagne on the stage to raise a toast to his older brother, Mr. Sunil Pathare.
Mr. J.K. Pathare, who always wanted to venture into his own business, finally made up his mind to achieve his dream lying on a bed stricken with a broken hand. He had then invited his good friend and colleague Mr. L.J. Reddy to join him. What can be called as a humble beginning, VIP Clothing Ltd. started operations in 1971.
The VIP Clothing Ltd. Group has been rightly called the path breakers in the line of hosiery sector making it the largest manufacturers in India and probably the world with a monthly production of more than 600,000 dozen. Ever since its inception in 1971 the VIP brand has been identifying the need gaps in the market and continuously developing new and innovative products to fulfill these needs.
It’s been three GOLDEN DECADES of consistent profitability and growth for VIP brand & the VIP Clothing Ltd. Group - pioneers of branded Intimate Wears in India. Now when its time for the second generation to take up the mantle, amidst the usual battle among siblings over control of organization, a totally differently type of arrangement between children of the Pathare and the Reddy family was made, wherein an amicable and friendly way ahead was adopted to part with ownerships.
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