Samsonite, a house-hold name in luggage is all set to acquire a Tumi, a luxury brand in luggage well known for its highly exclusive leather products. Samsonite, has announced that it will take over Tumi, in a deal worth $1.8 billion. With this acquisition, Samsonite plans to delve into the luxury end of travel bags and cases. With recent trends, favoring rise in the segment of high end luxury travel bags among consumers, Samsonite through this deal plans to capture that niche segment of luxury travelers.
Samsonite, Non-executive director Tim Parker was highly in favor of the deal and was happy with the price of the acquisition. It is to be noted that Samsonite has made nine acquisitions till date and its plan of expanding and reaching to new segments of the market through acquisitions seems to be working in its favor. However, this new deal is the costliest ever made by Samsonite since its going public in 2011.