Samsonite Acquires Tumi

Samsonite International has entered into an agreement to aquire Tumi Holdings, Inc for $1.8 billion. “This is a transformational acquisition for Samsonite,” said Ramesh Tainwala, CEO of Samsonite. “It will meaningfully expand our presence in the highly attractive premium segment of the global business bags, travel luggage and accessories market. Tumi is a perfect strategic fit for our business. The brand is beloved by millions of loyal customers for its high quality and durable premium business and luggage products. We are excited about the tremendous opportunities this combination provides us to further diversify our product and customer portfolios. In particular, we will expand Tumi’s presence in Asia and Europe, while strengthening its business in North America, by leveraging our expertise in global distribution, sourcing, product design and technical innovation, especially in the area of lightweight hardside luggage.”