New Delhi: The world’s leading luggage maker Samsonite Corp hopes to double its turnover in India every two years, a top company official said.
The company generates an estimated revenues of Rs360 crore in the country annually, contributing about 6 per cent to the global sales of $1.3 billion (about Rs6,060 crore).
“In first half of the current year, our business grew at 52% in India. We hope to grow at a similar rate every year and double the turnover every two years,” Samsonite South Asia Pvt Ltd managing director Subrata Dutta told PTI.
The firm had set up shop in India about a decade back and the country currently contributes 6% to Samsonite Corp’s global sales.
“Samsonite’s global annual sales are estimated to be around $1.3 billion and India accounts for about 6%,” he added.
Besides, India is also a major sourcing hub of the company, housing one of the only two global production sites for Samsonite Corp.
“The company globally has two production units, one in Belgium and the other one is in Nasik, Maharashtra. Of the total production done here, 15% is consumed by India and Middle East and the rest is exported,” he said.
The company produces items, including big luggage bags, footwear, business bags, handbags and belts at Nasik.
Dutta also said currently, Samsonite is working on expanding its retail reach in India across formats.
“We operate 200 stores across formats, including company owned and franchise owned. The plan is to add 100 new stores by December 2012,” he said.
The company had introduced its footwear range under the same brand name a couple of years ago. It plans to set up exclusive stores for the category.
“We are also setting up concept stores to sell products range, excluding the big luggage bags, such as footwear, business bags, handbags, belts, shoes and other accessories.”
According to Dutta, the branded luggage market in India is currently estimated at Rs1,400 crore with other players such as VIP and Safari.
“Samsonite has 33% of the total market here,” he said.
Samsonite operates in the luxury category through ‘Black Label’ brand, while ‘American Tourister’ brand provides affordable products to value-conscious consumers.