Haha. Harsh but true. The only moat they have is economies of scale. Gst began killing the unorganised sector and even if that sector will never die it’s going to get very expensive to be able to make a product and sell it at the same low prices as VIP. Add corona and I can see VIP eating up the share of the unorganised sector. Samsonite and safari will always be threats but there’s competition in evert segment. The pivot from vip into Backpacks went brilliantly and they are market leaders there if I’m not mistaken… and their Caprese handbags have sold beyond expectation too. So atleast they aren’t one trick ponies anymore. With their hopefully increasing margins and command of their supply chain by manufacturing in Bangladesh their moat could well become quality with pricing power compared to their competitors. There is scope for new launches in the future too to add to their portfolio(though top of my head I can’t think of anything bag related apart from Luggage, Backpacks and handbags 
) . You may be right though. It’s not an exciting buy for sure. Me and the people around me that I know just really like all 3 of their products ie vip, skybags and Caprese so considering the brand recall of all 3 products they could easily command a much bigger market share over the next decade imo