22 August 2019
The Weekly
Hong Kong

Tumi drove Samsonite Asia sales in H1 2019, compensating for an unusual decline in the core Samsonite brand’s business regionally. For the six months to June 30, net sales of the Tumi brand increased by 11.9% in Asia. Net sales of the Samsonite brand decreased by 1.3% YoY, primarily due to challenging trading conditions in China and South Korea, while net sales of the American Tourister brand fell by 3%. Samsonite Asia achieved a 4.8% net sales gain in Japan and 9.2% in India. The group continued to experience challenging market conditions in South Korea, where net sales decreased by 8.7%. Excluding net sales in South Korea and B2B sales in China, Samsonite Asia recorded a net sales increase of 4.6% during H1. Globally, Samsonite had a tough half, impacted by increased tariffs on products imported from China and sold in the US and lower tourist traffic. H1 adjusted net income fell 12.8% YoY to $97mn on sales of $1.7bn, down 5%. Net sales in China increased by 5.1% YoY, (and by 11.2% excluding B2B) in Q2, compared to an 8.3% decline in Q1.