86
Fashion Jobs
SHISEIDO
K-Key Account Lead
Permanent · HO CHI MINH CITY
ADIDAS
Senior Director Product Creation Ftw
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Affairs & Reputation Manager - Corporate Affairs & Engagement
Permanent · HO CHI MINH CITY
JO MALONE LONDON
Education Manager, Jml/lm
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior HR Operations Executive/ Assistant Manager
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager 1 (Franchise)
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Category Manager - Cpd
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Business Planning Manager - Cpd
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager Product Creation (Sportwear)
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Product Manager - Shu Uemura
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
ON RUNNING
Social Compliance Specialist - Hcm Based
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Sourcing Operations
Permanent · HO CHI MINH CITY
WILLIAMS SONOMA
Wood Sustainability Specialist - (Global)
Permanent · THUẬN AN
PUMA
Manager Quality Apparel & Accessories
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Head of Quality Footwear
Permanent · HO CHI MINH CITY
By
Reuters
Published
Mar 4, 2016
Reading time
2 minutes
Download
Download the article
Print
Text size

Samsonite to buy Tumi for $1.8 billion as it expands premium luggage offerings

By
Reuters
Published
Mar 4, 2016

Samsonite International S.A. said on Friday it would buy Tumi Holdings Inc for $26.75 per share in an all-cash transaction valuing Tumi at $1.8 billion, as the world's biggest luggage group expands in the luxury market.

Hong Kong-listed Samsonite said it would finance the deal with bank loans and that the transaction was expected to close in the second half of the year subject to regulatory and shareholder approvals.

Tumi


Investors applauded the deal, sending Samsonite shares up to as much as HK$25.2, their highest since October. The stock trimmed gains but was up 2.3 percent by midday, outpacing a 0.6 percent gain in the benchmark Hang Seng Index .HSI.

"It is a perfect match in many aspects such as retail channels and regional mix, category mix and even price points," said Boyoung Kim, an analyst at BNP Paribas.

"It can bring huge synergies in the long term," she added.

The deal price represents a 38 percent premium to New Jersey-based Tumi's volume weighted average price of $19.34 for the five days up to and including March 2, the statement said.

Tumi's net sales increased 4 percent year-on-year in 2015 to $548 million, of which North America accounted for 68 percent. Its net income rose 8.6 percent last year to $63 million.

Samsonite Chief Executive Officer Ramesh Tainwala said the company planned to expand Tumi's presence in Asia and Europe, while strengthening its business in North America.

Morgan Stanley Asia Ltd acted as financial advisor to Samsonite, and Goldman Sachs & Co. acted as financial advisor to Tumi.

Apart from its flagship brand, Samsonite sells Lipault travel bags, high-end Hartmann suitcases, American Tourister luggage, and High Sierra and Gregory backpacks.

The company has been on an acquisition spree, buying last February Rolling Luggage, which operates stores in airports, and Italian travel luggage retailer Chic Accent in October.

Samsonite is also keen to expand its reach to offset slowing growth in China, which accounts for about 10 percent its global sales. The company has previously said it expected its China sales growth to halve from the second half of the year.



 

© Thomson Reuters 2024 All rights reserved.