Caprese is a handbag brand, but not a company. It belongs to VIP Industries Limited, the listed Mumbai luggage maker, and has no separate corporate entity behind it. Since 23 September 2025, VIP itself has been controlled by Multiples Private Equity, according to VIP’s own annual report.
VIP describes the brand as “inspired by Italian elegance”. Its product pages name VIP Industries in Mumbai as the maker. On Myntra on 22 September 2026, 30 of 40 Caprese declarations gave India as the country of origin and 10 gave China.
Caprese is an Indian brand owned by VIP Industries, which Multiples Private Equity has controlled since 23 September 2025. VIP describes it as inspired by Italian elegance; the Myntra declarations read gave India as the origin on 30 of 40 and China on 10. On Myntra it sold at 51.8% of MRP, and VIP’s published warranty for Caprese runs six months against manufacturing defects.
Snapshot
- Owner
- V.I.P. Industries Limited, Mumbai, a listed company; CIN L25200MH1968PLC013914
- Control
- Multiples Private Equity Fund IV and Multiples Private Equity Gift Fund IV, from 23 September 2025, per VIP’s annual report for 2025-26
- Promoter group holding
- 42.35% at 31 March 2026, per the annual report and the annual return (Form MGT-7)
- Launched
- 2012, by VIP Industries, according to press reports
- Brand store
- vipbags.com/caprese, operated by VIP Industries Limited; capresebags.com forwards there
- Myntra brand listing
- 1,473 products under “Caprese”, 22 September 2026
- Price band in India
- Mid-range — median MRP ₹4,149, median paid ₹2,149, 100 distinct Myntra listings, 22 September 2026
- Declared country of origin
- India on 30 and China on 10 of 40 Myntra listings read
Who owns Caprese
The brand sits inside VIP Industries, whose annual return registers it as V.I.P. Industries Limited. Its corporate identity number tells the basic story: L for a listed company, MH for Maharashtra, 1968 for the year of incorporation and PLC for a public limited company. The annual return for 2025-26 counts 122,978 shareholders.
VIP’s annual report for 2025-26 describes Caprese as “a premium fashion brand inspired by Italian elegance, created for modern women”. Elsewhere the same report says “Caprese brings a fashion-led expression to women’s accessories”. BestMediaInfo and afaqs date the brand’s launch by VIP to 2012.
The ownership changed in 2025. The annual report says that under agreements the Piramal-family promoters signed with two Multiples private-equity funds on 23 September 2025, “the Multiples Group have the right to nominate majority of the directors of the Company and has acquired ‘Control’ of the Company”. The same page records share purchases by the funds on 26 September and 24 December 2025.
- Piramal-family promoter companiesAbout 51% before the deal, as reported
- Share purchase agreement13 July 2025, 32% at ₹457 a share, as reported
- Competition Commission approval26 August 2025, as reported
- Multiples Private Equity takes control23 September 2025, per VIP’s annual report
Each step became the next: the family promoters agreed a sale, the regulator cleared it, and the right to name most of the board passed to the funds.
Business Standard reported the July 2025 agreement as a 32% stake at ₹457 a share, bought by a consortium of the two Multiples funds with Samvibhag Securities and two individual investors. The sellers were five Piramal-family promoter companies. At 31 March 2026 the promoter group held 42.35%, according to both the annual report and the annual return. No holder-by-holder split of that figure is printed here.
The board changed the day control passed. According to ScanX’s summary of VIP’s exchange filing, Renuka Ramnath became chairperson and Atul Jain managing director on 23 September 2025, and Dilip Piramal stepped down as chairman to become Chairman Emeritus. The annual return confirms appointments dated 23 September 2025 for both.
That is why this page carries the PE-owned tag: a private-equity group holds the right to name most of the board, in the company’s own words. The wider story of the parent — its brands, its factories and its luggage — is told in our VIP Industries audit, and is not repeated here.
The money: group figures only
VIP does not publish Caprese’s sales. It reports a single business segment, “manufacturing and marketing of luggage and bags”, and its 2025-26 annual report gives no revenue breakdown by brand. So every figure below is VIP’s, not Caprese’s.
VIP’s audited results for the year to 31 March 2026 give consolidated revenue from operations of ₹1,858.13 crore, against ₹2,178.43 crore a year earlier, and a consolidated net loss of ₹338.01 crore, against ₹68.79 crore. For the quarter to 30 June 2026 the company reported consolidated revenue of ₹578.36 crore and a net loss of ₹53.56 crore. On 18 September 2026, Upstox reported, the board approved raising up to ₹500 crore during 2026-27, by instruments still to be decided.
Who makes Caprese bags
VIP’s annual report lists “10 in-house manufacturing facilities (India & Bangladesh)” and names two Indian plants, both in Nashik district. It does not say which plants make handbags, whether any Caprese bags are bought in from outside makers, or how much of what VIP sells is made in its own factories.
The three Caprese product pages read on vipbags.com on 22 September 2026 each say “Manufactured and Marketed By: VIP Industries Ltd.” at DGP House, Old Prabhadevi Road, Mumbai. Those pages carry no country-of-origin line.
The statutory declarations on Myntra give more detail. The Legal Metrology rules require each listing to state the country of origin and the company answerable for the goods, and we read 40 Caprese records on 22 September 2026.
| Field on the declaration | What the 40 records named |
|---|---|
| Manufacturer | VIP Industries Ltd (DGP House / Old Prabhadevi Road addresses) ×24; MK Enterprises, Shiv Vihar, Karala ×8; blank ×7; “-” ×1 |
| Country of origin | India ×30; China ×10 |
| Seller of record | VIP Industries Ltd ×20; RetailNet ×12; MK Enterprises ×8 |
Myntra product records for Caprese, read 22 September 2026.
VIP is the named manufacturer on most records. A second company, MK Enterprises, with an address in Shiv Vihar, Karala, is named as manufacturer on eight records and as seller on eight. Eight records leave the manufacturer field blank.
A declaration names the company legally answerable for the goods, which need not be the factory that made them. Ten of the 40 declare China as the country of origin.
Italian elegance, and what the box says
The Italian thread runs through the brand’s own descriptions. The About page on Caprese’s old site, capresebags.com, which now forwards to VIP’s store, spoke of “the essence of the pristine island, off the Italian shores: Isle of Capri”, and said “this Italian glamour makes for a personality called Caprese”. VIP’s current annual report uses the phrase “inspired by Italian elegance”.
The current store leans to Paris rather than Capri. It carries an “Emily in Paris” collection, and one satchel’s description calls it “a love letter to Parisian chic”. No Italian wording appears in the store homepage copy read on 22 September 2026.
The declarations are more prosaic. The product pages name VIP Industries in Mumbai as manufacturer and marketer. The Myntra records name VIP or MK Enterprises, and give India as the origin on 30 of 40 and China on 10. No declaration or manufacturer line read names Italy.
What the materials claims rest on
We read three Caprese product pages on vipbags.com on 22 September 2026 and set each material line against what is printed beside it.
| Bag | Outer material, as specified | Description | Tannage, hide or certifier named |
|---|---|---|---|
| Valencia Hobo Medium, Beige | “Faux Leather”; lining polyester | Nothing beyond the specification; “Water proof: No” | Not applicable |
| Ashley Satchel, White (Emily in Paris) | “Faux Leather”; lining polyester | “Crafted from high quality faux leather”; “premium faux leather … weather-resistant finish” | No material named beyond “faux leather” |
| Minimal Formal Satchel, Black | “Genuine Leather”; lining polyester | “Crafted from premium leather”; “Genuine leather — That ages well, holds its shape” | None — no tannage, hide grade or Leather Working Group rating |
vipbags.com Caprese product pages, read 22 September 2026.
Two of the three bags are faux leather, and the pages do not say what the faux leather is made of. Neither faux-leather page uses the word “vegan”. The one leather bag says “genuine leather” and “premium leather” without naming how the hide was tanned, what grade it is, or any tannery or rating. “Weather-resistant finish” and “durable luxury materials” come with no test or standard.
The pages publish the material name but not the detail behind it. Where a bag costs ₹6,999, that is worth asking about in the shop.
What Caprese costs in India
Caprese is an Indian brand sold in India, so the useful comparison is between the printed price and what is charged.
| Bag on vipbags.com | “Regular price” | “Sale price” |
|---|---|---|
| Valencia Hobo Medium, Beige | None shown | ₹4,499 |
| Ashley Satchel, White | ₹4,999 | ₹2,999, shown as 40% off |
| Minimal Formal Satchel (Genuine Leather), Black | ₹13,999 | ₹6,999, shown as 50% off |
vipbags.com Caprese product pages, read 22 September 2026. The pages label the figures “Regular price” and “Sale price”, not MRP.
The store homepage the same day advertised “Upto 80% Off*”. Two laptop bags on it showed how deep that ran: a Rina Laptop Tote at ₹1,099 against ₹5,499, and a Bubble Laptop Satchel at ₹1,949 against ₹12,999.
We read 100 distinct Caprese listings on Myntra on 22 September 2026, from a brand listing of 1,473 products. The median MRP was ₹4,149 and the median price paid ₹2,149, which is 51.8% of MRP. Eighty-six of the hundred were reduced, across 20 distinct MRPs. Handbags made up 53 listings, laptop bags 25 and hair accessories 18. A separate “DressBerry X CAPRESE” collaboration listing of 65 products was not included.
Other Indian bag brands read the same day sat on either side. Hidesign sold at 49.7% of MRP and Da Milano at 72.7%.
The price band is Mid-range, from the ₹2,149 median paid on a shelf that is mostly handbags and laptop bags. That median sits just above the ₹2,000 line, and the sample includes 18 hair accessories; the handbags on VIP’s own store sold at ₹2,999 to ₹6,999, which is Mid-range too.
The Caprese warranty: six months, and what it covers
Every Caprese product page read carries a badge: “6 Months Warranty — Full coverage on the fabric, zippers, and straps.” The store footer adds “Easy Returns & Brand Backed Warranty”, with no term.
VIP’s published warranty policy, read the same day, gives “Caprese Products — 6 Months” from the invoice date, against three years for hard and soft luggage. The six months match. The policy defines the scope as “a limited warranty against manufacturing defects in materials and workmanship”. The listed exclusions include “normal wear and tear; cosmetic damage; scratches, dents, stains, fading, or discoloration”, along with misuse, accidents and improper storage.
VIP’s warranty policy gives Caprese products six months from the invoice date, against three years for its luggage.
The policy also says “the determination made by VIP following inspection shall be final and binding”, and that the remedy is at VIP’s “sole discretion”. A replacement “may differ in colour, design, features”, and a repair does not restart the six months. The page carries two dates, “Updated on Jan 31, 2025” and “Effective Date: 30th June 2026”. The same policy page sets the terms for VIP’s luggage, backpacks and duffels, so a handbag buyer and a luggage buyer read the same conditions.
Keep the invoice
The policy runs from the invoice date and needs proof of purchase. Without it, the six months cannot be claimed.
Read the seller line
On Myntra, VIP Industries was the seller of record on 20 of the 40 Caprese listings read. The policy speaks of “authorized channels” without listing them.
Read the origin line
It is printed on the listing and the box. On the 40 read, ten said China.
Authenticity, sellers and the record
VIP runs a “Genuine/Not Genuine” check linked from its store, which asks for a mobile number and the bag’s barcode. It is a group-wide page and does not say whether it covers Caprese bags. No list of authorised sellers appears on the store pages read.
On Myntra, three names appeared as seller of record. VIP Industries itself was on 20 records and MK Enterprises on eight. RetailNet was named as seller of record on the other 12 of the 40 listings read on 22 September 2026.
A search of Indian Kanoon for “Caprese” on 22 September 2026 showed no case about the brand, its mark or its products; the same search for Skybags, another VIP brand, listed 25 results.
Who Caprese is actually for
Caprese suits a buyer who wants a Mid-range handbag or laptop bag from a large, listed Indian company that names itself as maker and sells direct. It suits less well a buyer who wants an Italian-made bag, or published leather detail: the declarations read gave India or China as the origin, and the one leather bag read names no tannage or grade.
Anyone weighing it against Safari, Wildcraft or Uppercase should compare the warranty terms themselves, not the badge. And the sale price is the real price here: on Myntra, 86 of 100 Caprese listings were reduced.
Common questions
Is Caprese an Italian brand?
No. It is a brand of VIP Industries Limited, a listed Mumbai company, launched in 2012 according to press reports. VIP calls it “inspired by Italian elegance”; its product pages name VIP in Mumbai as manufacturer, and 40 Myntra records read on 22 September 2026 gave India on 30 and China on 10.
Who owns Caprese?
VIP Industries Limited owns the brand. VIP’s annual report says Multiples Private Equity acquired control of the company on 23 September 2025, with the right to nominate most of its directors.
Where are Caprese bags made?
The declarations read named VIP Industries as manufacturer on 24 of 40 records and MK Enterprises on eight, and gave China as the origin on ten. VIP’s annual report does not say which of its ten factories make handbags.
Is Caprese real leather?
Mostly not, on the pages read. Two of three bags are “Faux Leather”; the third, the Minimal Formal Satchel, says “Genuine Leather” but names no tannage, hide grade or rating.
What does the Caprese warranty cover?
Six months from the invoice date. The product badge reads “full coverage on the fabric, zippers, and straps”; the published policy defines the cover as manufacturing defects in materials and workmanship, and lists wear and tear, cosmetic damage, fading and discolouration among its exclusions.
Who sells Caprese on Myntra?
On 40 Caprese listings read on 22 September 2026, VIP Industries was seller of record on 20, RetailNet on 12 and MK Enterprises on eight.
References
- VIP Industries, Annual Report 2025-26 — “inspired by Italian elegance” (p. 03), “fashion-led expression” (p. 21), ten manufacturing facilities (p. 05), the Nashik plants (p. 30), the change of control and share purchases (p. 32), promoter group 42.35%, no brand-wise revenue
- VIP Industries, Form MGT-7 annual return, 2025-26 — registered name, CIN, registered office, shareholder count, promoter holding, directors appointed 23 September 2025
- VIP Industries, audited results for the year to 31 March 2026 — consolidated revenue and net loss, 2025-26 and 2024-25
- VIP Industries, results for the quarter to 30 June 2026 — consolidated revenue and net loss; the single business segment
- Business Standard, 13 July 2025 — the share purchase agreement, 32% at ₹457 a share, the consortium, the sellers, the family’s 51% before the deal
- Business Standard, 26 August 2025 — Competition Commission approval (report)
- ScanX, summary of VIP’s exchange filing on the board changes — chairperson, managing director and Chairman Emeritus from 23 September 2025; the approval date
- Upstox, 18 September 2026 — board approval to raise up to ₹500 crore (news report of the filing)
- BestMediaInfo, 9 October 2017 and afaqs — the brand’s 2012 launch by VIP
- vipbags.com, terms and conditions, read 22 September 2026 — VIP Industries Limited as operator, CIN, registered office
- vipbags.com, warranty terms and conditions, read 22 September 2026 — six months for Caprese products, scope, exclusions, inspection and remedy terms, the two dates
- vipbags.com/caprese and the Valencia Hobo, Ashley Satchel and Minimal Formal Satchel pages, read 22 September 2026 — prices, material lines, the manufacturer line, the warranty badge, “Upto 80% Off*”, the Paris wording
- capresebags.com, former About page — the Isle of Capri and “Italian glamour” wording; the address now forwards to vipbags.com/caprese
- VIP Bags, Genuine/Not Genuine check, read 22 September 2026 — the barcode and mobile-number check
- Myntra brand listing and product records for Caprese, with the Hidesign and Da Milano readings, 22 September 2026 — 1,473 products, the 100-listing sample, 40 declarations, manufacturers and sellers of record
- Indian Kanoon searches for “Caprese” and “Skybags”, 22 September 2026
Caprese is unusually answerable for a fashion handbag. Its owner is a listed company that publishes its accounts, names its controlling shareholder in its own annual report, and puts its own name on the manufacturer line of 24 of 40 Myntra declarations. At a median ₹2,149 paid on Myntra, it is a Mid-range bag from a company you can hold to its terms.
What to weigh is the detail around the bag. The Italian wording is a description of style; the declarations read name Mumbai and, on ten of 40, China. The leather bag read names no tannage or grade. And the six-month warranty is set out in a policy that covers manufacturing defects, so it is worth reading before a claim.
An Indian bag from a listed Indian company, worth buying at the sale price — read the origin line on the listing and the warranty policy before you buy.
