Date
25 May 2017
Samsonite chief executive Ramesh Tainwala (right)  
and chairman Timothy Parker present the firm's interim results. Photo: HKEJ
Samsonite chief executive Ramesh Tainwala (right) and chairman Timothy Parker present the firm's interim results. Photo: HKEJ

Samsonite expects strong growth in mainland China

Samsonite International SA (01910.HK) posted about 30 percent growth in its sales in mainland China in the year’s first half and expects the trend to continue later this year, the Hong Kong Economic Journal reported Thursday.

Sales in the mainland are likely to expand 15-16 percent in the second half, chief executive Ramesh Tainwala said.

Overall net profit for the firm, however, fell 2.7 percent from a year ago to US$94.39 million owing to the adverse impact of a strong US dollar.

Net profit before the exchange rate adjustment rose 8.9 percent.

The recent devaluation of the renminbi, however, will have a positive effect, as both procurement and sales for the firm’s mainland businesses are settled in the Chinese currency, Tainwala said.

Samsonite is expecting higher demand from mainland travellers, as more of them plan to travel overseas given weakening currencies in the region.

[Chinese version中文版]

– Contact us at [email protected]

VW/JP/FL

Hong Kong Economic Journal

EJI Weekly Newsletter

Please click here to unsubscribe