August 3, 2014: Samsonite which operates 420 stores across formats in India as part of strengthening its position in the market is planning to acquire local brands in India. Samsonite South Asia Pvt. Ltd which sells brands like High Sierra, American Tourister and Lavi is looking at a turnover of Rs.800 crore and growth of 25-30 per cent this year. The company which reported a turnover of Rs.647 crore last year is planning to launch a US based luxury luggage brand Hartmann in India in October and add 30 new stores in this calendar year. Samsonite acquired the Harmann brand in 2012.
Samsonite South Asia Pvt Ltd Chief Executive Officer Suresh Menon was quoted as saying about this development, “We are open to acquiring local brand. We are looking for opportunities. Earlier, we only looked for brands which can be launched globally but now we are also looking at local brands.” The company sells luggage bags, backpacks, business bags, handbags and belts in Indian branded luggage market which is currently estimated at Rs.2,500 crore.
