Newgate supports £1.27bn Samsonite deal
Newgate Communications is supporting luggage brand Samsonite’s US$1.8 billion (£1.27bn) acquisition of North American luxury travel brand Tumi. The deal was announced last Friday.
The transaction sees Samsonite expanding into the premium travel luggage segment. Tumi, which was valued at US$26.74 per share by Samsonite in an all-cash transaction, will remain as a standalone brand under the Samsonite umbrella.
Ramesh Tainwala, Samsonite CEO, said: “We will expand Tumi’s presence in Asia and Europe, while strengthening its business in North America, by leveraging our expertise in global distribution, sourcing, product design and technical innovation, especially in the area of lightweight hardside luggage.”
Newgate is managing the European media relations around the deal and will continue working with Samsonite following the acquisition. Newgate’s Jonathan Clare, Clotilde Gros and Madeleine Palmstierna are managing the brief.
US-based ICR is managing Tumi’s media and investor relations.