Samsonite buys High Sierra
Acquired US based company for $110 million.August 07, 2012 | comments ( 0 ) |
Samsonite, the world’s leading luggage brand has announced its acquisition of the U.S. based casual and adventure wear company – High Sierra. Known for its world-class quality and innovation and in keeping with the current trends, Samsonite through this acquisition will be strategically extending its brand portfolio into the active outdoor lifestyle category.
With a focus on the youth segment, High Sierra will be aimed at an age group of 16 – 35 years. Samsonite through High Sierra plans to extend its products categories to T-shirts, flip-flops, backpacks, adventure luggage and sports bags that appeal to outdoor enthusiasts, skiers and snowboarders, adventure travelers, students and young consumers.
Under the terms of the transaction, Samsonite has procured a substantial number of the assets of High Sierra for US$110 million. With a plan to open 50 doors over the next few years in India, Samsonite will also add High Sierra to its existing distribution channels such as departmental stores for a wider reach.
Subrata Dutta, Managing Director Samsonite South Asia Pvt Ltd, Spokesperson said, “As a brand Samsonite has thrived on innovation and variety. What started as a business of travel luggage has slowly and successfully diversified into variants like Shoes, stylish totes for women, bags for children, backpacks, laptop bags and accessories. With the advent of High Sierra in our portfolio we have now added a variant of sports and adventure which has paved way for us to target the young and hip age group. High Sierra is a world renowned brand and we are proud to bring it to India. Understanding the potential in the country, we knew that the time was right to bring in High Sierra here and we are sure that the brand will be a success”.
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