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Samsonite spends $35m on Hartmann Friday, 3rd August 2012
Photo credit: Hartmann Luggage
Samsonite International SA has acquired high-end luggage maker Hartmann for USD 35 million as it looks to strengthen its hold on the luxury goods market.
The world’s largest luggage maker bought Hartmann from Clarion Capital Partners in a cash deal, which will start adding to its earnings per share in 2013.
The historic luxury luggage maker, which began manufacturing luggage and leather goods in Milwaukee, Wisconsin in 1877, is well known for its distinctive American style, retailing its goods in both Macy’s and Bloomingdales.
"We think there is a great opportunity to re-establish the credentials of the business," Samsonite chief executive Tim Parker told Reuters in an interview. "If it had been nourished and looked after properly, it would be a much bigger entity."
Samsonite it expected to focus more on Hartmann’s high-end offerings, to encourage yet more growth at the company which saw sales rise 265 per cent to USD 23 million last year.