Samsonite plans to acquire local brands in India

World's leading luggage maker Samsonite is scouting for acquisition of local brands to strengthen its position in the Indian market.

The company is also targeting up to 30% sales growth at Rs 800 crore in this calender year.

"We are open to acquiring local brand. We are looking for opportunities. Earlier, we only looked for brands which can be launched globally but now we are also looking at local brands (to acquire)," Samsonite South Asia Pvt Ltd Chief Executive Officer Suresh Menon told PTI.

According to Menon, the branded luggage market in India is currently estimated at Rs 2,500 crore, including players such as VIP and Safari, among others.

"We are looking at Rs 800 crore turnover and growth of 25-30% this calender year," he added. Samsonite reported a turnover of Rs 647 crore last year.

The company, which sells Samsonite, American Tourister, High Sierra and Lavi brand products, is also planning to launch a US-based luxury luggage brand Hartmann in India in October, Menon said. Samsonite acquired the US brand in 2012.

He added that Samsonite is also planning to expand its retail reach in India by adding new stores.

"We operate 420 stores across formats, including company owned and franchise based. The plan is to add 30 new stores in this calender year," he said.

Samsonite's product range includes luggage bags, backpacks, business bags, handbags and belts.