Samsonite Asia sales surge
Hong Kong-listed luggage giant Samsonite says its Asia-Pacific regional sales surged 10.1 per cent in the quarter to September.
Globally, group net sales increased by US$58.4 million, or 9.3 per cent, on a constant currency basis.
Asia is Samsonite’s largest market accounting for 39.3 per cent of total sales and the business increased revenue in every country, including the challenging Hong Kong market.
On a constant currency basis, net sales rose 40.4 per cent in Japan, 12.1 per cent in India, 47.5 per cent in Australia, 4.2 per cent in Hong Kong, 2.9 per cent in China, 20.5 per cent in the Philippines, 5.3 per cent in Thailand and 1.2 per cent in South Korea.
The sales increase for Singapore was not included in the statement, but Samsonite last week confirmed plans to open a further two stores in the city state by the end of the year, making five additions to the network this calendar year.
The company said in its stock exchange filing that the Japan growth was driven by increased sales of the Samsonite brand and the Gregory brand, which was acquired on July 23, 2014.
Excluding net sales attributable to the Gregory brand, net sales in Japan increased by 30.1 per cent on a constant currency basis.
South Korea’s growth was achieved despite the negative impact from the Mers outbreak which saw inbound tourist numbers plummet.
For the nine months to September 30, Samsonite Asia net sales increased by US$96.7 million, or 14.6 per cent.