Samsonite Singapore plans more stores
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Samsonite Singapore plans at least two new stores in the city this year. Speaking in an interview with the Straits Times, Samsonite CEO Ramesh Tainwala acknowledged his business faces high operating costs and slower economic growth in Singapore, compared to other Asian markets. But he said the company’s strategy was dependent on more than economic growth.
“Our market share in Singapore does not exceed 22 per cent… If I grow my business here… to 25 per cent of market share, without the market growing I can still deliver around 10 to 11 per cent growth in my business.”
The travel goods retailer will end the year with more than 20 stores in Singapore with three new ones already trading and two more planned.
Questions & Answers
Q.How many new stores has Samsonite Singapore opened or planned for this year?
How many new stores has Samsonite Singapore opened or planned for this year?
Three new stores are already trading, and the company plans to open at least two more this year. This will bring their total number of stores in Singapore to over 20.
Q.What market challenges does Samsonite face in Singapore?
What market challenges does Samsonite face in Singapore?
The CEO, Ramesh Tainwala, acknowledged the business faces high operating costs and slower economic growth in Singapore. These conditions are more challenging compared to other Asian markets.
Q.How does Samsonite plan to achieve business growth despite economic conditions?
How does Samsonite plan to achieve business growth despite economic conditions?
The company aims to increase its market share in Singapore from under 22% to 25%. This internal growth strategy is expected to deliver 10% to 11% business growth.
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