VIP took price hike of ~6% from March 01 to counter inflationary pressures. Recently, we conducted some channel checks (interacted with few distributors and an MD of one unlisted company) in the luggage space to get a pulse of current demand trends. Our checks reveal 1) demand in 4QFY21 benefitted from gradual reopening of schools in Jan/Feb (augured well for backpack sales) coupled with shift in market share from unorganized to...