Samsonite International SA bought the high-end luggage brand Hartmann, as reported here.
Samsonite acquired Hartmann from private equity firm Clarion Capital Partners for $35 million in cash.
Hartmann, founded in 1877, sells products such as $995 carry-on bags and $80 leather money clips at retailers including Macy’s and Bloomingdale’s. Its sales rose 26 per cent to $23 million last year.
Samsonite will focus on Hartmann’s higher-end offerings will eventually bring Hartmann products to new markets, while Hartmann will help boost sales in the United States, where Samsonite faces strong competition from Tumi.