(Bloomberg) -- The board of Samsonite International SA has authorized the luggage maker to pursue a dual listing in the US to improve liquidity and make its shares more accessible to investors globally.
Samsonite, which is listed in Hong Kong, said in a Wednesday statement that the US is the appropriate venue based on the company’s “global footprint, growth drivers and strategic priorities.”
Bloomberg News reported earlier this year that Samsonite was considering a dual listing in the US, or potentially Europe, while also exploring the possibility of a take-private deal. Funds including Carlyle Group Inc. and KKR & Co. showed preliminary interest in a potential takeover, Bloomberg reported in March.
Shares in Samsonite, which owns the American Tourister, Tumi and High Sierra brands, have fallen 18% in Hong Kong this year, leaving the company with a market value of HK$30.9 billion ($4 billion).
Samsonite, which has headquarters in Massachusetts and Luxembourg, raised about HK$10 billion in its Hong Kong initial public offering in 2011.
Samsonite said Wednesday its first-half net income rose 7.7% from a year earlier to $164.3 million, while net sales were little changed at $1.77 billion.
“While growth in global travel and tourism remains healthy, we are seeing rising macroeconomic uncertainty and softening consumer sentiment in a number of markets around the world,” Samsonite Chairman Tim Parker said. “We will leverage Samsonite’s decentralized management structure to nimbly navigate more demanding trading conditions while investing in the business.”
--With assistance from Foster Wong.
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