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Samsonite, the world's leading travel brand, has announced plans to acquire luxury brand Tumi for US$1.8 billion. The acquisition is expected to significantly expand Samsonite's presence in the premium business and luggage segment by leveraging Tumi's best-in-class products.
Tumi, launched in 1975, is known for its premium business, travel and lifestyle products and accessories. The group creates high-end amenity kits for airlines including US carriers United and Delta, among others. With the acquisition, Samsonite aims to boost its growth by expanding global distribution of Tumi, launching flagship retail stores across the globe, enhancing the brand presentation at retail and revitalizing the product offering.
Commenting on the news Ramesh Tainwala, Samsonite's CEO said: “Tumi is a perfect strategic fit for our business. The brand is beloved by millions of loyal customers for its high quality and durable premium business and luggage products. We are excited about the tremendous opportunities this combination provides us to further diversify our product and customer portfolios.”
Shaheen Jamil, Business Head at Samsonite covering the Middle East, Africa, Commonwealth of Independent States [CIS] and SAARC countries, said: “The acquisition of Tumi is a landmark development for Samsonite, particularly in the Middle East which has an eye for luxury products. The consumer demand for luxury luggage is growing at a fast pace and we are confident that this new acquisition will help us further boost our market presence and leadership in the region.”
While North America accounted for around 70 per cent of Tumi's sales last year, Samsonite will look to tap into the premium market on offer in Asia, Middle East as well as Europe.
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