Samsonite Explores US Listing, Reports Sales Increase Samsonite aims to broaden investor access through a listing in the United States. The proceeds will be used for operations, debt, and acquisitions. The company announced a sales increase in the fourth quarter this Friday. Samsonite plans to complete the dual listing by 2026.
Shareholders of Samsonite approved a series of resolutions on Thursday to pave the way for a dual listing in the United States. The company, known for brands like Tumi and American Tourister, intends to go public through American depositary shares. The company is yet to finalize the timeline, size, or price for a potential US listing.
The company’s stock has dropped around 16% since the beginning of the year. Any share issuance related to the ADS would be within approved dilution limits, with the price not being more than 15% lower than the closing price before the underwriting agreement.
The proceeds from any share sale will be used for working capital and general corporate needs, including operating expenses, investments, debt repayment, share buybacks, and potential acquisitions. Samsonite first announced its intention for a dual listing in March 2024.
The preparations for a possible US listing, scheduled for 2026, are progressing as business conditions improve. CEO Kyle Gendreau mentioned in a press release on the results that the company continues to enhance its market dynamics.
On Friday, Samsonite reported a 2.2% increase in fourth-quarter revenue and a rise in gross margin compared to the previous year, driven by increased direct-to-consumer sales and non-travel purchases, although quarterly profit attributable to shareholders decreased by 11.6%.
(Input: Reuters auto-translated text; Context: Samsonite’s plans for US listing and recent sales performance; Fact Check: Check actual stock performance and rumors regarding US listing.)
