"In 2013, we had domestic sales of Rs 647 crore in India and want to surpass Rs 1,000 crore by December 2015," Samsonite South Asia CEO India and Middle East E P Suresh Menon said. (Agencies)
To achieve the target the company was also trying to enhance its reach in smaller towns and reduce entry price point for its largest selling brand American Touristor to Rs 2,200 as against Rs 3,000 now.
"We are reducing the entry price point of American Touristor to Rs 2,200 from Rs 3,000. This year our focus for opening new stores would be on smaller towns. This brand accounts for 75 percent of revenue in India," Menon said.
Samsonite will open 60 new stores and of which 40 will be for American Touristor. The company had also invested Rs 100 crore in creating a new facility at Nasik for soft luggage to strengthen the segment.
"Out of the total units sold, 80 percent is in the soft luggage segment. With the new Nasik facility we have also introduced Samsonite soft luggage products," a company official said.
However, at the same time Samsonite was also planning to introduce their luxury brand Hartmann in the near future, Menon said.
Hartmann, a US luxury luggage brand, was acquired by Samsonite in 2012 and is currently been tested in India with a soft launch.
Speaking about luxury brand, Menon said, "We want competition in the Rs 10,000 plus premium segment which will help us in faster growth. Currently, there is almost no competition in this segment."
"American Touristor has registered 24 percent growth in 2013 and we find competition in this segment," he added.
"In 2013, we had domestic sales of Rs 647 crore in India and want to surpass Rs 1,000 crore by December 2015," Samsonite South Asia CEO India and Middle East E P Suresh Menon said.