Luggage company Samsonite is taking on some extra baggage — on purpose. The company confirmed Thursday that it’s agreed to buy rival Tumi for around $1.8 billion.
This will give the world’s largest luggage purveyor a presence in the premium luggage market, notes The Wall Street Journal, which first reported the deal. It’ll also allow Tumi to expand into Asia and Europe.
“We can use the machine of Samsonite foot soldiers on the ground to expand Tumi’s global footprint. Tumi can help us cover our gaps,” said Samsonite Chief Executive Ramesh Tainwala.
This is no whirlwind courtship, either: Samsonite has had its eye on buying Tumi for about 15 years, the company says.
Beyond rolling luggage, Tumi also makes tablet cases, briefcases and other carrying accessories. The company has more than 100 of its own stores, while also selling its products through retailers.
In the Bag: Samsonite Confirms Deal to Buy Tumi [The Wall Street Journal]
by Mary Beth Quirk via Consumerist
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