PARIS — Samsonite is upping its youth factor. The Hong Kong-listed luggage maker has acquired Lipault, known for its vibrant palette of colors and smart nylon twill designs, for 20 million euros, or $27.6 million at current exchange, the company reported on Wednesday.
“Lipault is a fantastic addition to our growing portfolio of brands,” said Tim Parker, chairman and chief executive officer of Samsonite, in a press release.
“[It] embodies the core characteristics that we strive to deliver to consumers: functional, lightweight yet robust, and thoughtfully designed products,” he said, lauding the French brand’s sporty-chic “signature Parisian style” and its potential to appeal to women.
Samsonite projected “strong double-digit growth” for Lipault, leveraged by Samsonite’s product development capabilities, its extensive distribution network and retail presence, which should help expand the Lipault brand in France and throughout Europe.
In 2013, Lipault’s net sales grew 25 percent to 6.5 million euros, or $8.6 million at average exchange rates for the period, with about 95 percent coming from France.