Samsonite International said it has acquired youthful French luggage brand Lipault, known for its functional and fashionable designs, for 20 million euros ($27.2 million).

A leading American multinational luggage manufacturer and retailer, Samsonite's move is aimed at extending its brand portfolio.

"Lipault is a fantastic addition to our growing portfolio of brands. Lipault in many ways embodies the core characteristics that we strive to deliver to consumers: functional, lightweight yet robust, and thoughtfully designed products," remarked Tim Parker, the chairman and CEO of Samsonite.

"Lipault is a chic and youthful brand that will allow us to engage with consumers through its signature Parisian style and vibrant colours, and will be an excellent complement to the Samsonite brand. We expect it will have great appeal with women, especially those travelling frequently," he stated.

Ramesh Tainwala, the chief operating officer, said: “Our substantial experience in the travel luggage industry, combined with our well-established distribution network, extensive retail presence and superior product development capabilities make Samsonite the perfect steward to expand Lipault’s respected brand to additional markets in Europe.”

Under the terms of the transaction, Samsonite has purchased all of the outstanding shares of capital stock of the Lipault Entities in cash, financed by its internal resources.

“Today is a wonderful day for the Lipault brand,” said François Lipovetsky, the founder and CEO of Lipault. “We are very excited to see how Samsonite will develop the brand in the future and look forward to seeing the product reaching an expanding audience,” he added.

Founded in France in 2005 by François Lipovetsky, Lipault’s products are designed to meet the needs of today’s savvy travellers, featuring ultra-lightweight, smart designs, chic and vibrant colours, and constructed using luxurious but durable nylon twill fabric.

The brand’s product range includes business and laptop bags, handbags and totes, and softside and hardside suitcases.-TradeArabia News Service