DUBLIN, March 4, 2016 /PRNewswire/ --
The global luggage market is expected to grow at a CAGR of almost 6% between 2016 and 2020, according to a new report published on Research and Markets. Today, luggage and related luggage products are not just useful products. They are also considered as fashionable accessories to enhance a travelers comfort and convenience, as evidenced by Samsonite's announcement today that it would buy Tumi Holdings Inc for $1.8 billion.
This acquisition will see the world's largest luggage manufacturer expand into the luxury market. Samsonite Chief Executive Officer Ramesh Tainwala said the company planned to expand Tumi's presence in Asia and Europe.
The report on the global luggage market had predicted the APAC region to dominate the market with a share of more than 42%. With its large population base, the region promises to be a growing market for the travel and tourism industry and is envisaged to continue its dominance during the forecast period. The overall market is expected to reach a value of $43.3 billion by 2020, according to a global market study on luggage.
This is the latest in a string of acquisitions by the American retailer. In the last year it has purchased Rolling Luggage and Italian luggage retailer Chic Accent. Their offering also includes Lipault travel bags, Hartmann suitcases and High Sierra and Gregory backpacks. The global outdoor backpacks market is also expected to grow at a CAGR of 3.33% over the period 2015-2019.
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