Samsonite International is getting a leg up in luxe.
The Hong Kong-based firm on Thursday acquired Hartmann, the high-end luggage and leather goods firm, for $35 million.
“The Hartmann brand is an important addition to our portfolio and gives us the ability to successfully expand our presence in the global luxury luggage sector,” said Tim Parker, Samsonite’s chairman and chief executive officer.
“For 135 years, Hartmann has produced America’s finest luggage and leather products and established itself as a mark of quality among American luxury consumers,” Parker said. “With Samsonite’s resources, depth of experience, and distribution capability, we can strengthen Hartmann’s business in North America and introduce the brand to new markets in Asia and Europe, and millions of new customers worldwide.”
Samsonite bought the firm from Clarion Capital Partners with cash.
Hartmann’s sales grew 26 percent to $23 million last year.
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