Samsonite eyes buying US$1b of brands
Print Edition
US luggage maker Samsonite said it may buy up to US$1 billion in Chinese and Asian brands in the next two to three years to diversify its range.
The announcement came after Samsonite said in a statement yesterday that it saw a 17 percent year-on-year net profit increase in the first half brought on by a successful “diversification in terms of brands, products and markets.”
The Hong Kong-listed company expects China to become its biggest market in as little as three years, overtaking the US, Chairman Tim Parker said.
“In the past we’ve looked at brands that we could sort of internationalize. Now I think the time for us ... is to look at local brands too,” Parker said, referring to China. “The Chinese market now has a number of brands that are quite well established.”
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