Samsonite International S.A. (01910.HK), the world’s largest branded luggage maker, will continue to look for acquisition opportunities next year after taking up stakes in Hartmann and High Sierra last year, a company executive said.
“It would be disappointing if we did not get a few things [acquisitions] next year,” Samsonite chief financial officer Kyle Gendreau said Wednesday. “The products of the target company will need to be adjacent to luggage, such as smartphone protectors, casual bags and functional bags.”
Gendreau said Samsonite is aiming for profitable companies with a market capitalization between US$50 million and US$150 million, and that are well-known in regional areas but not necessarily globally. Those targets could come from around the world, including the United States, Europe and Asia.
The company will add about 500 points of sales in Asia next year and expects sales growth for the region to be in the low to mid-teens. Future growth momentum for Asia will rest on Samsonite Red, a product line designed in Korea for a younger generation. The brand has had a test launch in China this year and is due for a full launch in the first half of next year.
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