World’s largest luggage maker, Samsonite bought high-end luggage brand Hartmann from private equity firm Clarion Capital Partners for INR 1.95 bn in cash. Samsonite will use its distribution network in more than 100 countries to eventually bring Hartmann products to new markets.
Samsonite, which makes luggage under the Samsonite and American Tourister names, has been recently bolstered by big gains in Asia. Hartmann, once a larger brand revered for its high-quality leather and craftsmanship, was subsequently hurt by numerous ownership changes and sustained damage to its rank from a growing focus on less expensive items.
Source: MarketWatch