Samsonite International, which acquired Gregory Mountain Products from Black Diamond for $84 million in 2014, reports that this brand of backpacks reached sales of $43.3 million in 2015, including $13.3 million in the U.S., $2.6 million in Europe and $18.5 million in Asia. Gregory's sales were apparently up sharply from 2014, a year for which the company had reported sales of $31.2 million on a pro-forma basis.
The younger and more lifestyle-oriented High Sierra brand of backpacks, which Samsonite bought in 2012, posted a 4.4 percent decline in sales for last year to $85.3 million. On a currency-neutral basis, sales were off by 1.5 percent as further market penetration in Europe and Asia was insufficient to offset an 8.4 percent drop in North America, attributed to one-off inventory reductions by some customers and the non-repetition of sales promotions carried out in 2014.
The total turnover of Samsonite reached $2,432.5 million in 2015, up by 4.4 percent in dollars and 12.6 percent in local currencies. European sales went up by 17.7 percent in local currencies but declined by 2.4 percent in dollars. The group generated adjusted Ebitda of $401.2 million, which rose by 5.2 percent in dollars and by 9.5 percent in constant currencies At $216.9 million, adjusted net income was up by 5.2 percent in dollars and 9.5 percent on a currency-neutral basis.
The acquisition of two luggage retail operations last year contributed to a 22.5 percent increase in the group's retail revenues. Another big boost to the overall turnover will come from the previously reported acquisition of Tumi Holdings, which was announced last March 4 (see our previous issue). It should be completed in the second half of this year.