HONG KONG, Feb. 17, 2015 /PRNewswire/ -- Samsonite International S.A. ("Samsonite" or the "Company") today announced that it has completed the acquisition of Rolling Luggage, owned by Tie Rack Retail Group under Rcapital, for a cash consideration of £15.75 million. Rolling Luggage is one of the world’s leading airport retailers of branded luggage and business, fashion, adventure, and leisure travel products. This acquisition is part of Samsonite’s ongoing strategy to strengthen and consolidate its global multi-brand retail platform, as well as to expand its presence in the large and growing travel retail market.
Ramesh Tainwala, CEO of Samsonite, said:“Rolling Luggage is an exciting new addition to Samsonite and is distinctly different from any of our previous acquisitions. Rolling Luggage allows us to immediately broaden our footprint in the travel retail industry, where we foresee significant potential for further growth. With global international arrivals expected to nearly double to 1.8 billion by 2030 [1], and international travel sales growing over 12% annually since 2009...[2], airports themselves have become shopping hotspots, ensuring that airport retail will continue to thrive.”
Mr. Tainwala added:“Given Rolling Luggage’s established retail presence and brand image at some of the world’s busiest airports, we view this acquisition as a strategic opportunity to reinforce our multi-brand retail platform, increase the visibility of Samsonite products among our target consumers, and offer a more optimal product assortment and enhanced in-store experience to drive sales.”
The Managing Director of Rolling Luggage Alex Willson said:“We are delighted to join Samsonite. Samsonite’s extensive experience in the travel luggage industry is a perfect match with our passion for travel. Together, we will continue to ensure a diverse and appealing product offering for consumers.”
Headquartered in the UK, Rolling Luggage operates 36 airport retail outlets across the UK, Europe, and Asia-Pacific (including prime retail locations at airports such as Heathrow, Sydney, Melbourne, Frankfurt, and Hong Kong). Rolling Luggage offers world-class, functional yet stylish products trusted by travelers. Previously part of Tie Rack Retail Group, Rolling Luggage became an independent business following an internal restructuring completed in April 2014.
For the year ended January 31, 2015, Rolling Luggage’s net sales grew by 11.3% to £26.7 million, compared to £24.0 million for the year ended January 31, 2014.