Samsonite

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Samsonite International S.A.
FormerlySAMSONITE
(1910–66)
Company type Société Anonyme
SEHK:  1910
Founded10 March 1910;114 years ago (1910-03-10)
Founder Jesse Shwayder
Headquarters
Luxembourg City
,
[1]
Key people
  • Timothy Charles Parker (Chairman)
  • Kyle Francis Gendreau (CEO) [2]
Brands
Owner CVC Capital Partners
Number of employees
14,500 [3]
Website samsonite.com

Samsonite International S.A. is an American [4] premium luggage manufacturer and retailer, with products ranging from large suitcases to small toiletries bags and briefcases. The company was founded in 1910 in Denver, Colorado, United States.

Contents

Its registered office is in Luxembourg and it is listed on the Hong Kong Stock Exchange. [5]

History

A 1953 ad for Samsonite I do want Samsonite, 1953.jpg
A 1953 ad for Samsonite

The company was founded in Denver, Colorado, on March 10, 1910, by Black Hawk, Colorado-born luggage salesman Jesse Shwayder (1882–1970) as the Shwayder Trunk Manufacturing Company. [6] [7] [8] [9] A religious man, Shwayder named one of his initial cases Samson, after the Biblical strongman, and began using the trademark Samsonite in 1941 for its tapered vulcanized fiber suitcase, introduced in 1939. [10] In 1965, after the Samsonite suitcase became its best-selling product, the company changed its name to SAMSONITE. For many years the subsidiary SAMSONITE Furniture Co. made folding chairs and card tables in Murfreesboro, Tennessee.

The Shwayder family sold the company to Beatrice Foods in 1973. In 1974, the company released the brand's first wheeled suitcase. [7]

A 1960 ad for Samsonite Samsonite Streamlite Flee! 1960.jpg
A 1960 ad for Samsonite

Samsonite operated with relative independence within Beatrice until 1986, when Samsonite was sold to Kohlberg Kravis Roberts. Subsequently, in the 1980s and into the 1990s, Samsonite went through multiple ownership changes. Forbes Magazine states that "the company spent most of the 1980s and 1990s in turmoil amidst multiple handoffs." [11] First, Samsonite was spun off from KKR as part of E-II, which came under the control of Fortune Brands. [10] E-II went through bankruptcy and was renamed Astrum International. In 1993, Astrum purchased American Tourister luggage, complementing Samsonite. [12] In 1995, Astrum split, and an independent Samsonite (now including American Tourister) was once again headquartered in Denver. [10] The Denver factory, which employed 4,000 people at its peak, closed in May 2001.

After a change of ownership in May 2005, Samsonite's headquarters moved from Denver to Mansfield, Massachusetts. Effective September 1, 2005, Samsonite then moved its U.S. marketing and sales offices from Warren, Rhode Island, to Mansfield, Massachusetts.

In 2005, the company was acquired by Marcello Bottoli, former CEO of Louis Vuitton, to pull it out of a long slump. [11] Bottoli left the company in 2009. [13]

Luggage lock TSA Lock.JPG
Luggage lock
Samsonite Cosmolite suitcase in silver Sam53450-1776slv-2.jpg
Samsonite Cosmolite suitcase in silver

In July 2007, private equity firm CVC Capital Partners took over Samsonite for $1.7 billion. [14] CVC Capital Partners Ltd. became Samsonite's fifth owner in 21 years. [15] [16]

On September 2, 2009, Samsonite Company Store LLC (U.S. retail division), formally known as Samsonite Company Stores Inc., filed for Chapter 11 bankruptcy. [17] It planned to close up to 50% of its stores and discontinue the "Black Label" brand in the United States. [18] [19]

In June 2011, Samsonite raised $1.25 billion in an initial public offering in Hong Kong. [20]

In August 2012, Samsonite paid $35 million in cash to buy the high-end luggage brand Hartmann, which was founded in 1877.

In June 2014, Samsonite agreed to buy technical outdoor backpack brand Gregory Mountain Products from Black Diamond, Inc., for $85 million in cash. [21]

In March 2016, Samsonite agreed to buy luxury baggage maker Tumi Inc. for $1.8 billion in its largest ever acquisition. [22]

In April 2017, Samsonite agreed to acquire eBags.com for $105 million in cash. [23] [24]

In 2023, Samsonite was rated the best overall luggage for travelers by Good Housekeeping Magazine. [25]

In September 2023, Bloomberg reported that Samsonite was exploring the possibility of a second listing in the U.S. as the luggage maker looked to broaden its investor base. [26]

Toy manufacture

Beginning in 1961, Samsonite manufactured and distributed Lego building toys for the North American market under license from the Lego Group. A licensing dispute ended the arrangement in the U.S. in 1972, but Samsonite remained the distributor in Canada until 1986. Albert H. Reckler, then head of military and export sales for the luggage division, brought the idea of manufacturing and selling Lego in the U.S. to Samsonite. He and Stan A. Clamage were instrumental in establishing the Lego brand in the United States. This was part of an overall company expansion into toy manufacturing [27] in the 1960s that was abandoned in the 1970s.

Production

Samsonite factory in Szekszard, Hungary, in 2016 Samsonite Hungaria factory, Keselyusi Road, 2016 Szekszard.jpg
Samsonite factory in Szekszard, Hungary, in 2016

In 2008, 40% of all Samsonite hard luggage was manufactured at its plant in Nashik, India. [28]

Samsonite has two assembly plants in Hungary. [29]

In 2022, Samsonite announced plans to move production to Japan. [9]

In April 2023, Samsonite announced plans to expand its manufacturing in Nashik as the demand for travel has increased. [30] Samsonite India plans to invest ₹110–115 crore to enhance its hard luggage manufacturing capacity from 5 lakh pieces a month to 7.5 lakh pieces by the end of the following year. The expansion will include 180,000 square feet of land for the plant to expand on. [30]

Brands

Competitors

Related Research Articles

<span class="mw-page-title-main">Suitcase</span> Form of luggage

A suitcase is a form of luggage. It is a rectangular container with a handle and is typically used to carry one's clothes and other belongings while traveling. The first suitcases appeared in the late 19th century due to the increased popularity of mass tourism at the time and were meant to hold dress suits. They were originally made using heavier materials such as leather or steel, but, beginning in the 1930s, were constructed with more lightweight materials like plastic and cardboard.

<span class="mw-page-title-main">Trunk (luggage)</span> Type of luggage

A trunk, also known as a travel trunk, is a large cuboid container designed to hold clothes and other personal belongings. They are most commonly used for extended periods away from home, such as for boarding school, or long trips abroad. Trunks are differentiated from chests by their more rugged construction due to their intended use as luggage, instead of the latter's pure storage.

<span class="mw-page-title-main">Baggage</span> Travelers accoutrements container

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Beatrice Foods Company was a major American food conglomerate founded in 1894. One of the best-known food processing companies in the U.S., Beatrice owned many well-known brands such as Tropicana, Krispy Kreme, Jolly Rancher, Orville Redenbacher's, Swiss Miss, Peter Pan, Avis, Milk Duds, Samsonite, Playtex, La Choy and Dannon.

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American Tourister is a brand of luggage owned by Samsonite. Brothers Sol and Irving Koffler founded American Luggage Works in Providence, Rhode Island, United States in 1933. In 1993, American Tourister was acquired by Astrum International, which also owns Samsonite. Astrum was renamed as the Samsonite Corporation two years later. American Tourister's products include backpacks, suitcases and wallets. Today, American Tourister products are priced lower than Samsonite products.

<span class="mw-page-title-main">Delsey</span>

Delsey is a French company which manufactures luggage and travel accessories. It is based in Tremblay-en-France, in the Paris suburbs. Delsey employs 400 staff, and has a turnover of about €130 million. As of 2010, it held second place in the global luggage market, behind Samsonite.

eBags was an online retailer of handbags, luggage, backpacks, laptop bags, and travel accessories that was founded in Greenwood Village, Colorado near Denver.

<span class="mw-page-title-main">Tumi Inc.</span> American suitcases and bags manufacturer

Tumi Holdings, Inc., is a manufacturer of high-end luxury suitcases and bags for travel based in Edison, New Jersey. Founded in 1975 by Charlie Clifford after a stint in the Peace Corps in Peru, the company is named after a Peruvian tumi ceremonial knife used for sacrifices. Tumi, Inc. was a unit of Doughty Hanson & Co. from 2004 until after its 2012 initial public offering.

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<span class="mw-page-title-main">Hartmann Luggage</span>

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<span class="mw-page-title-main">Samsonite House</span> Building in Denver, Colorado, US

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High Sierra Sport Company is an American sports apparel company that manufactures for a global market active-outdoor and sports bags, mainly soft-sided backpacks, wheeled luggage, duffels as well as leather travel bags and day packs. Founded in 1978 in Vernon Hills, Illinois as H. Bernbaum Import & Export Company by Harry Bernbaum and his son Hank, it was acquired by Samsonite on July 31, 2012, for $110 million in cash. The subsidiary employs 51-200 people and is headquartered in Gurnee, Illinois.

References

  1. ↑ "Samsonite Corp 575 West St Mansfield, MA Manufacturers - MapQuest". www.mapquest.com.
  2. ↑ Seigel, Rachel (June 1, 2018). "Samsonite CEO resigns after falsely claiming he had a PhD in business administration". Washington Post. Retrieved June 2, 2018.
  3. ↑ "SAMSONITE INTERNATIONAL S.A. : Shareholders Board Members Managers and Company Profile | LU0633102719 | MarketScreener".
  4. ↑ "Samsonite: Investor Relations - Contact Us".
  5. ↑ "2011 Annual Report" (PDF). Samsonite International S.A. Archived from the original (PDF) on March 3, 2014.
  6. ↑ Barreto, Elzio (June 10, 2011). "Samsonite HK IPO bags $1.25 billion after pricing at bottom". Reuters . Retrieved March 4, 2012.
  7. 1 2 Diamond, Madline (August 31, 2021). "The Evolution of Luggage: A Timeline". Travel + Leisure. Retrieved January 20, 2023.
  8. ↑ Machajewski, Sarah (December 15, 2015). Colorado's Changing Cities: Then and Now. The Rosen Publishing Group, Inc. ISBN   978-1-4994-1504-9.
  9. 1 2 "Exploring The Reasons Behind Samsonite's Production Move To Japan | Parklandmfg" . Retrieved May 16, 2023.
  10. 1 2 3 Samsonite Corp. History. Vol. 13. St. James Press. 1996.{{cite book}}: |work= ignored (help)
  11. 1 2 Meredith, Robyn (June 20, 2005). "Sleeker Samsonite". Forbes. Retrieved September 30, 2010.
  12. ↑ Strom, Stephanie (September 26, 1993). "Wall Street; New Name, New Life, for Astrum". The New York Times. ISSN   0362-4331 . Retrieved November 27, 2017.
  13. ↑ "People". Forbes (profile). Archived from the original on April 14, 2009.
  14. ↑ "Samsonite to Be Sold". The New York Times. July 6, 2007.
  15. ↑ Clothier, Mark (July 5, 2007), "Samsonite Sold to Buyout Firm", Denver Post, Bloomberg News.
  16. ↑ Clothier, Mark (July 6, 2007), "Luggage Maker Packs up Sale Deal", Denver Post, Bloomberg News.
  17. ↑ "Samsonite Chapter 11 Petition" (PDF). PacerMonitor. Retrieved June 6, 2016.
  18. ↑ "Samsonite". Samsonite company stores. September 2, 2009. Archived from the original on August 10, 2010. Retrieved September 30, 2010.
  19. ↑ "Samsonite retail unit files for bankruptcy". Reuters. September 2, 2009. Retrieved September 30, 2010.
  20. ↑ "Samsonite I.P.O. Raises $1.25 Billion". The New York Times. June 10, 2011. Retrieved March 3, 2012.
  21. ↑ "Black Diamond sells Gregory to Samsonite". SNews. June 19, 2014. Retrieved November 7, 2018.
  22. ↑ Murphy, Dan (March 4, 2016). "Samsonite to buy Tumi for $1.8 billion in its largest deal since 2011". CNBC. Retrieved January 20, 2023.
  23. ↑ "Black Samsonite buys eBags for $105 million". digitalcommerce360. April 7, 2017. Retrieved September 17, 2020.
  24. ↑ "Black Samsonite Acquires eBags". Seeking Alpha. April 7, 2017. Retrieved September 17, 2020.
  25. ↑ "Travel Experts Reveal The Best Luggage Brands for Every Budget". Good Housekeeping. May 5, 2023. Retrieved May 16, 2023.
  26. ↑ "Samsonite Is Exploring Possibility of Second Listing in US". Bloomberg.com. August 16, 2023. Retrieved September 27, 2023.
  27. ↑ Toys catalogue (photo gallery), Samsonite, 1972.
  28. ↑ "After shoes, Samsonite plans watches, eyewear". The Hindu Business Line. September 18, 2008. Retrieved September 30, 2010.
  29. ↑ "Samsonite opens second factory in Hungary". September 21, 2017. Retrieved August 2, 2024.
  30. 1 2 "Samsonite to invest ₹160 cr to expand manufacturing capacity". www.thehindubusinessline.com. April 2, 2023. Retrieved May 19, 2023.
  31. ↑ "Samsonite to acquire Tumi for US$26.75 per share to create a leading global travel lifestyle company". Archived from the original (PDF) on November 24, 2020. Retrieved March 6, 2016.
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