Food
Luxury travel goods retailer Tumi has bought out its local Tumi Japan partner to gain full control of its retail and wholesale activities in what is one of the world’s largest luxury markets.
Tumi Japan runs a network of 13 stores and an eCommerce website, as well as distributing Tumi product across an extra 150 points of sale across the country.
CEO/president Jerome Griffith says the acquisition of the partner’s 50 per cent stake is aimed at strengthening the company’s position within the Japanese and Asia Pacific region.
“We have been pleased with the strong acceptance of our brand among Japanese consumers, and remain excited about the long-term growth prospects of this region. We look forward to welcoming the Tumi Japan team into the family and look forward to integrating this region into the business, sharing our expertise, brand power and retail strategy to drive it to the next level,” Griffith said in a statement.
Tumi expects the acquisition will be earnings neutral to its consolidated financial results this year, and accretive to earnings thereafter.
