HONG KONG, March 21, 2024 /PRNewswire/ -- Samsonite International S.A. ("Samsonite" or "the Company", together with its consolidated subsidiaries, "the Group"; SEHK stock code: 1910), a leader in the global lifestyle bag industry and the world's best-known and largest travel luggage company, today announced that its board of directors ("Board") has authorized the Company's management to pursue listing the Company's shares on a second leading stock exchange in addition to the Hong Kong Stock Exchange.
The Company recently announced outstanding results for the year ended December 31, 2023, including strong double-digit net sales growth year-on-year and record gross profit margin and Adjusted EBITDA margin1. An additional listing would increase liquidity of the Company's shares and create an opportunity to reach investors in markets that are an important part of the Company's global footprint and growth drivers for its business.
"After conducting a preliminary review of potential paths forward to enhance value for shareholders of the Company, the Board determined to focus on pursuing a dual listing," said Mr. Kyle Gendreau, Chief Executive Officer. "This initiative is intended to build on the strong base of investor support we have established on the Hong Kong Stock Exchange. The Asia market continues to be incredibly important for our core brands, and we look forward to continuing to successfully grow our business there and in other regions around the world as we deliver our portfolio of leading brands to consumers through our unrivalled global sourcing and distribution capabilities. We have significantly transformed Samsonite's profitability over the past few years and are confident in our ability to deliver long-term sustainable value to shareholders."
The Company noted that its pursuit of a dual listing is at an early stage. The Company will make further announcement(s) in accordance with applicable laws and regulations, as and when appropriate.
Shareholders and potential investors in the Company should exercise caution when dealing in the shares and/or other securities of the Company.
About Samsonite With a heritage dating back to 1910, Samsonite International S.A. ("Samsonite" or the "Company", together with its consolidated subsidiaries the "Group"), is a leader in the global lifestyle bag industry and is the world's best-known and largest travel luggage company. The Group is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags and travel accessories throughout the world, primarily under the Samsonite?, Tumi?, American Tourister?, Gregory?, High Sierra?, Lipault? and Hartmann? brand names as well as other owned and licensed brand names. The Company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").
Forward-looking Statements This press release contains forward-looking statements. Forward-looking statements reflect the Company's current views with respect to future events and performance. These statements may discuss, among other things, the Company's net sales, gross profit margin, operating profit, Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA margin, cash flow, liquidity and capital resources, potential impairments, growth, strategies, plans, achievements, distributions, organizational structure, future store openings or closings, market opportunities and general market and industry conditions. The Company generally identifies forward-looking statements by words such as "expect", "seek", "believe", "plan", "intend", "estimate", "project", "anticipate", "may", "will", "would" and "could" or similar words or statements. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties.
If one or more of these risks or uncertainties materialize, or if management's underlying beliefs and assumptions prove incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Among the factors that could cause actual results to differ materially are: the effect of worldwide economic conditions; the effect of political or social unrest and armed conflict; the effects of inflation; a general economic downturn or generally reduced consumer spending; significant changes in consumer spending patterns or preferences; competition; interruptions or delays in the supply of finished goods or key components; the performance of the Group's products within the prevailing retail environment; and financial difficulties encountered by customers and related bankruptcy and collection issues.
Forward-looking statements speak only as of the date on which they are made. The Company's shareholders, potential investors and other interested parties should not place undue reliance on these forward-looking statements. The Company expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws and regulations.
________________________________________ 1 Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing adjusted earnings before interest, taxes, depreciation and amortization of intangible assets ("Adjusted EBITDA") by net sales.
