Revenge travel and Samsonite

August 25, 2022

Businesswoman wearing a mask checking the boarding time at a digital timetable at the airport terminal.

Have you been on vacation this summer? It seems everyone is travelling again. Indeed, travel activities have dramatically increased in most regions, except China, as shown by the data conducted by Global Revenue-Passenger Kilometers (RPKs: multiplying the number of paying passengers by the distance travelled).

In previous commentaries, we’ve shared updates on travel-related stocks, such as Melia Hotel (MEL SM) and Autogrill (AGL IM). Both are long-term holdings and niche market leaders. This week, we would like to profile Samsonite, a relatively new holding initiated in November 2020. Although listed in Hong Kong, it is a truly international company present in over 100 countries.

Samsonite International S.A. (1910 HK)

Business Overview

  • Founded in 1910 in Denver, Colorado by the Shwayder Brothers, Samsonite is the world’s largest travel luggage company.
  • It owns many brands, including Samsonite, Tumi, American Tourister, Gregory, High Sierra, Kamiliant, ebags, Lipault, and Hartmann.
  • Before 2012, its business was mainly focused on the Samsonite brand, travel luggage and the wholesale channel. Today, it has a more balanced business with multiple brands through multiple distribution channels.

Target market


  • A very fragmented market. Other top players are VF Corp, ACE, Delsey, Rimowa, and VIP Industries.
  • Samsonite dominates in most markets, except in India and Japan.

Competitive advantages

  • Samsonite has 17% market share in the global luggage market.
  • Strong brand recognition.
  • A wide range of brands, from mid- to high-end.


  • Kyle Francis Gendreau is the CEO of Samsonite, previously CFO. He joined the company in 2007.
  • Timothy Charles Parker, a turnaround veteran, has been the Chairman since 2011. He owns 3.9% of the company.


  • Samsonite provides very comprehensive annual ESG reporting.
  • Carbon emission reduction targets: to cut carbon intensity by 15% from 2017 to 2025; to power all operations with 100% renewable energy by 2025.
  • Six out of eight board directors are independent, and one woman sits on the board.

Growth strategy

  • Product: new product innovation.
  • Distribution: focus on Tumi’s international expansion and e-commerce growth.

Recent developments

  • Last week, Samsonite reported very strong 1H earnings, with net sales up 59% year-over-year, driven by North America, Latin America, and Europe.
  • Ample liquidity of US$1.4 billion.
  • It expects a stronger recovery over the rest of 2022, especially from Asia, with price increases and cost savings to help profitability even further.
Global Alpha Capital Management Ltd.
August 25th, 2022