Samsonite International S.A. (01910.HK), the world’s largest travel luggage company, has agreed to buy Gregory Mountain Products for US$85 million in cash, its third acquisition this year.
“Gregory is another exciting new addition for us as we continue to strategically diversify our brand and product portfolio,” chairman and chief executive Tim Parker said Thursday.
“The deal will enable us to cover the outdoor market with two well-known brands — Gregory in the premium segment and High Sierra in the mid-market,” he said.
Founded in 1977, United States-based Gregory is a leading provider of premium technical backpacking, mountaineering and trail running products and accessories.
Gregory’s 2013 revenue rose 14.3 percent to US$34.9 million from US$30.6 million in 2012. As much as 53.2 percent of its sales come from Asia, with North America accounting for 35.5 percent.
“Together with the growing affluence of consumers in emerging Asian economies and the resilience of consumer spending on outdoor activities in developed regions, the global backpack market is expected to continue to post steady growth over the long term,” said Ramesh Tainwala, Samsonite chief operating officer.
This is Samsonite’s third strategic acquisition in 2014.
In May, it announced the purchase of Speck Products, a leading US designer and distributor of slim protective cases for personal electronic devices. And in April, it said it had acquired Lipault, a youthful French luggage company known for its functional and fashionable products.
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