On the eve of completing 100 years, luggage brand Samsonite plans to step up its investments in the emerging markets of India and China.
The lifestyle oriented luggage company has marked an investment of Rs 160 crore in the Indian market towards expanding its retail operations and increasing advertising spends. While Rs 100 crore has been earmarked for its exclusive business travel stores, another Rs 60 crore has been assigned for ad spend.
Dr Ramesh Tainwala, President at Samsonite Greater Asia states, “India and China are going to be the two biggest markets in the next ten years. Both markets are similar and business travel is the new category in these markets. We have increased our advertising spends from Rs 15 crore to Rs 60 crore this year to justify this trend.''
The corporation worth USD 1.2-billion has also decided to set up separate stores to target the business traveller. There would be 20 exclusive Samsonite Business stores in high streets and business districts such as Nariman Point in Mumbai to target this segment. “We are expecting business travel to contribute 35 per cent of our turnover in the next three years. Right now, it is about 6-7 per cent of the turnover,” added Dr Tainwala.