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Samsonite International registers 13. 8% growth globally in Q1

Samsonite International registers 13. 8% growth globally in Q1

India Blooms News Service | 28 Aug 2014, 04:43 am
Mumbai, Aug 27 (IBNS): Travel luggage company Samsonite International S.A. on Wednesday announced that Tim Parker, currently Chairman and Chief Executive Officer, will assume the role of Non-Executive Chairman of the Group, while Ramesh Tainwala, currently Chief Operating Officer, will be promoted to Chief Executive Officer, effective from Oct 1.

Samsonite also announced its results for the six months ended June 30, 2014. 

On a constant currency basis, the Group’s net sales in India and globally increased by 24.6% and 13.8% respectively for the first half of 2014, the company said.

Tim Parker, Samsonite’s Chairman and Chief Executive Officer, commented, “During the past five years, I have had the privilege of serving as both Chairman and CEO of Samsonite. However, now that the Group has firmly established a solid foundation for continued future growth, the Board and I share the view that it is the right time to separate these roles. This will allow us to secure the continuity and succession of our management team and drive the further development of our business with an even higher level of focus. It also reflects our ongoing commitment to strengthening our corporate governance to the highest standards of international best practice."

" Ramesh has proved himself more than capable of leading our business, and with his deep expertise, industry knowledge and track record of success, I can think of no better individual to be the Group’s new CEO.  In my role as Non-Executive Chairman, I will work closely with Ramesh as I direct my efforts to managing Samsonite’s strategic relationships with our key stakeholders and guiding the Group’s overall strategy.  I am looking forward to the next exciting stage in the development of our business as we maintain the course of our strategy to deliver top-line growth and enhance shareholder value," he said.

Ramesh Tainwala, Samsonite’s Chief Operating Officer, added, “I am delighted to have this opportunity to serve as the next CEO of Samsonite. As the world’s largest travel luggage company with some of the most well-known brands in the sector, we have a truly vast global network with over 48,800 points of sale in over 100 countries and approximately 8,800 employees worldwide. Over the past five years, the Group has delivered exemplary overall performance under Tim’s visionary leadership, and I am excited to build on this strong foundation."

For the six months ended June 30, 2014, the Group recorded a 13.8% increase in net sales on a constant currency basis to US$1,105.3 million.

Samsonite’s operating profit increased by 11.9% year-on-year to US$152.3 million and profit for the period increased by 15.7% to US$109.6 million, while adjusted net income increased by 13.9% to US$105.7 million and adjusted EBITDA2 increased by 14.0% to US$186.7 million for the six months ended June 30, 2014. 

In Asia, Samsonite’s net sales continued to grow across all markets within the region, reaching US$421.4 million for the first half of 2014, which represents an increase of 16.9%[3] as compared to the same period last year.

The India market continued to perform well, recording net sales of US$63.6 million for the first half of 2014, representing an increase of 24.6%3 year-on-year.  The strong sales growth has been driven by the Group’s more affordable American Tourister brand as well as by its continued focus on country-specific products and marketing strategies to drive increased awareness of, and demand for, Samsonite’s products.

The Group recently made three strategic acquisitions to further diversify its brand and product portfolio: Lipault, a French luggage maker known for its functional and fashionable designs, in April 2014; Speck Products, a leading U.S. designer and distributor of slim protective cases for personal electronic devices, in May 2014; and Gregory, an iconic technical outdoor backpack company, in July 2014.

Samsonite International registers 13. 8% growth globally in Q1

India Blooms News Service
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