Century-Old "Luggage King" Plummets on Hong Kong Stock! Net Profit Explodes Last Year, Planning Second US Listing

Question: Can dual listing in the US reverse the company’s declining performance trend?

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Source | Cailian Press

During Friday’s Asian trading session, Samsonite (01910,HK), the world’s largest luggage company listed in Hong Kong, experienced a sharp intraday drop, falling nearly 13% at one point to a low of HKD 14.58 per share, hitting a new low since June last year.

On March 20, during trading, Samsonite declined about 8%, staying above HKD 15 per share.

Samsonite has a history of over 115 years, founded by Jesse Shwayder in 1910 in Denver, Colorado, as a suitcase manufacturing company. It went public in Hong Kong in June 2011. Its brands include Samsonite, TUMI, American Tourister, Gregory, High Sierra, Kamiliant, ebags, Lipault, and Hartmann, mainly engaged in designing, manufacturing, sourcing, and distributing luggage, business bags, computer bags, outdoor and leisure bags, as well as travel accessories.

The company sells its products through various wholesale distribution channels (including department stores, specialty stores, large retailers, warehouse-style shopping malls, and online retailers), its own retail stores, and e-commerce platforms across North America, Asia, Europe, and Latin America.

Samsonite disclosed its full-year 2025 results on Friday, reporting a net profit (attributable to the parent company) of $289 million, down 16.4% year-over-year, with annual sales of $3.498 billion, down 2.5% year-over-year.

In North America, Samsonite’s operating profit for 2025 decreased by $40 million or 16.4% compared to 2024, mainly due to a $70 million decrease in net sales leading to a nearly $40 million reduction in gross profit, along with a roughly $5 million increase in distribution expenses year-over-year.

Samsonite CEO Kyle Francis Gendreau stated that preparations for a potential dual listing in the US are underway. As the business continues to improve, the group plans to complete the dual listing by 2026. The board and management believe that dual listing will, over time, enhance shareholder value creation.

Samsonite shareholders have approved a series of resolutions to pave the way for dual listing in the US. The approved maximum number of shares to be issued is 138,306,408, representing about 10% of the issued share capital of 14,662,407,21 shares.

As early as September 2023, there were reports that Samsonite was considering a second listing in the US to expand its investor base.