Samsonite rejects multi listings

Samsonite International considered listing in the United States and Europe but a flotation in Hong Kong would give the luggage maker a firm footing in Asia, chairman and chief executive Tim Parker said yesterday.

Speaking from Singapore in a video conference, Parker, who is known by labour unions as the 'Prince of Darkness' because of his track record of laying off workers, said multiple listings wouldn't work for Samsonite.

'It's not easy [making a decision about where to list] but you have to go somewhere,' Parker said. 'We did consider multiple listings but it didn't make a lot of sense for us.'

Asia was the most profitable region for Samsonite last year but a large chunk of earnings came from North Asia rather than South Asia, Parker said.

Samsonite's net sales in Asia rose 45.1 per cent last year from 2009, constituting a third of its total sales.

China, India and South Korea were among the top five markets in Asia last year for the company, which started life in 1910 as a trunk manufacturer in the US state of Colorado. 'I'd like to think of the company as a mini Coca-Cola,' Parker said, 'without much of a Pepsi to compete against.'

Parker said he couldn't give details on the reception from institutional investors on the initial public offering but said he was 'encouraged' during the share sale process.