Samsonite has zipped up a deal to acquire luxury rival Tumi for around $1.8 billion, in what will be the largest acquisition for Samsonite since its initial public offer in 2011.
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Samsonite to buy Tumi for $1.8 billion as it expands premium luggage offerings. 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.
Tumi. Plenty of jetsetters are also set on luggage from Tumi, with famous fans including Cindy Crawford, Hailey Bieber and Alexander Skarsgård — the latter of whom once starred in a five-minute-long ad for the brand.
Among frequent travelers, Tumi is considered the crème de la crème of luggage. Although the brand's price points place it squarely in the luxury category, it has a reputation for being high-quality, durable, and stylish.
Exceptional quality and unparalleled durability are paramount to every piece TUMI creates, including those made with recycled materials. Our recycled collections use fabric made from post-consumer recycled plastic bottles as well as recycled nylon. If something goes awry, we'll fix it. If it breaks, we'll repair it.
Samsonite vs Tumi: BrandsSo like we said, Samsonite bought out Tumi back in 2016, but they're still recognised as individual brands in their own right. Samsonite is still one of the most popular luggage brands, especially amongst frequent flyers and is probably the leading luggage company for polypropylene suitcases.
With a heritage dating back more than 110 years, Samsonite International S.A. (the Company), together with its consolidated subsidiaries (the Group), is a leader in the global lifestyle bag industry and is the world's best-known and largest travel luggage company.
The company's top executive stepped down this week after being accused by a short seller of falsely claiming to have a doctoral degree. Samsonite said on Friday that it had accurately represented the academic credentials of the executive, Ramesh Tainwala, ever since going public in Hong Kong in 2011.