Samsonite acquires Italian luggage and retail brand Chic Accent
Fashion headline report: Last Friday, Hong Kong Samsonite International (01910.HK) stated that it had acquired Chic Accent, an Italian luggage and travel goods retail chain brand, for a total purchase price of 8.5 million euros ($9.44 million). Samsonite stated that it will assume certain liabilities. This acquisition is a 100% acquisition and will be adjusted due to Chic Accent's working capital and certain liabilities assumed. Chic Accent is an Italian chain retail store, focusing on the sale of high-quality accessories, women's handbags, luggage and business products. It has 31 stores in high-quality Italian shopping centers. For the year ended December 31, 2014, Chic Accent's 2014 sales increased by 10.1% from last year to 15.2 million euros ($16.97 million). Samsonite CEO Ramesh Tainwala said: We intend to use the reputation of the chain to lead some of the best Italian women's fashion handbag brands to expand our product line in non-travel categories, including handbags, accessories and commercial products. Samsonite can be described as an acquisition madman. Since 2014, Samsonite has successfully acquired a series of brands that complement Samsonite and AmericanTourister, such as Hartmann, Lipault, HighSierra, Gregory and Speck, in order to achieve explosive performance growth and gain business profit growth. New motivation. In March of this year, for the purpose of establishing a strong retail market position in the international airport, Samsonite subsidiary also completed the acquisition of RollingLuggage. Samsonite’s interim results as of the end of June this year recorded a net profit of US$94.4 million, a year-on-year decrease of 2.68%; during the period, sales were 1.196 billion yuan, an increase of 8.25% year-on-year; the group stated that the decline in profit was mainly due to the completion of last year The acquisition is in a period of business integration, resulting in low initial profit margins, the impact of currency exchange on the purchase of products and the increase in the cost of the group's expansion of retail stores.