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Samsonite

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This article is about the luggage company. For the silver mineral, see Samsonite (mineral).

Samsonite International S.A.
FormerlySAMSONITE
(1910–66)
Company typeSociété Anonyme
SEHK: 1910
Founded10 March 1910; 114 years ago (1910-03-10)
FounderJesse Shwayder
HeadquartersLuxembourg City, Luxembourg
(registered office),

Tsim Sha Tsui, Hong Kong (financial),

Mansfield, Massachusetts (corporate)[1]
Key people
Kyle Gendreau[2]
Number of employees
14,500[3]
Websitesamsonite.com
A 1953 ad for Samsonite

Samsonite International S.A. (SEHK: 1910) is an American[4] 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.

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

History

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]

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 describes the period, "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 them out of a long slump.[11] Bottoli left the company in 2009.[13]

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 number one 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 US as the luggage maker looks to broaden its investor base, according to people familiar with the matter.[26]

Entry into the toy market

File:A 1963 promotion of the set that held the record of largest set the longest, 42 years from 1963 to 2005.png
A 1963 promotion of the Lego set that held the record of largest set the longest, 42 years from 1963 to 2005 .

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 Hungary, Szekszard

The Denver factory, which employed 4,000 people at its peak, closed in May 2001.

Forty percent of all Samsonite hard luggage is 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 their 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 a 180,000 square foot of land for the plant to expand on.[30]

In January 2022, Samsonite had a Better Business Organization rating of 'F', primarily because of customer service.[citation needed]

Brands

Competitors

See also

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. ^ https://corporate.samsonite.com/en/contact-us.html
  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. ^ a b 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. ^ a b "Exploring The Reasons Behind Samsonite's Production Move To Japan | Parklandmfg". Retrieved May 16, 2023.
  10. ^ a b c Samsonite Corp. History. Vol. 13. St. James Press. 1996. {{cite book}}: |work= ignored (help)
  11. ^ a b 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". Retrieved January 1, 2019.
  30. ^ a b "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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