Date
25 May 2017
Samsonite CEO Ramesh Tainwala (right) expects to complete the acquisition of US-listed Tumi Holdings by the second half of this year. Photo: HKEJ
Samsonite CEO Ramesh Tainwala (right) expects to complete the acquisition of US-listed Tumi Holdings by the second half of this year. Photo: HKEJ

Samsonite eyes double-digit growth in Asia in next five years

Samsonite International SA (01910.HK) remains upbeat on its business in Asia, particularly China, where it expects double-digit growth in the next five years, the Hong Kong Economic Journal reports.

Chief executive Ramesh Tainwala also said the company has no plans to close any of its shops in Hong Kong, where the outlook for the medium to long term continues to be bright, although it expects a weaker profit this year on declining tourist arrivals.

Meanwhile, sales in Australia and Japan last year grew 15.6 percent and 20.3 percent respectively as the weaker currencies in those countries attracted more tourists.

The company has no plans to adjust product prices in different markets but will instead focus on product design to further boost sales.

It expects to complete the US$1.82 billion deal to acquire US-listed brand Tumi Holdings by the second half of this year.

[Chinese version中文版]

– Contact us at [email protected]

VW/JP/CG

Hong Kong Economic Journal

EJI Weekly Newsletter

Please click here to unsubscribe