Samsonite To Buy Luggage Rival Tumi

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Luggage maker Samsonite is hoping to bag some extra profit with a new acquisition.

The company is buying its luxury-brand rival Tumi for $1.8-billion.

Tumi is among leading brands for high-end travelers, with some of its carry-on bags selling for almost $2,500.

The deal gives Samsonite a bigger share of the high-end market while Tumi will benefit from being part of a larger company with a wider global reach.

Samsonite CEO says the company will expand Tumi’s presence in Asia and Europe, while strengthening its business in North America.

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