August 13, 2008 (Philippines)
Samsonite Group, the worldwide leader in travel bags, luggage and accessories, announces that it has signed an agreement to establish a Joint Venture with Specialty Investments Inc a subsidiary of the Rustan Group.
Rustan Group is a leading wholesaling and retailing conglomerate in the Philippines and is the exclusive franchisee for some of the finest international names in fashion and personal care products.
The agreement reinforces and accelerates Samsonite Group's President and CEO, Marcello Bottoli's vision of turning Samsonite into a global group with a strong market penetration and leadership in all continents. By reinforcing its presence in this territory, Samsonite sets the stage for continued expansion in the region.
The agreement allows the Joint Venture company to distribute and to sell travel goods, and Samsonite Group's President and CEO, Marcello Bottoli, and President Asia, Ramesh Tainwala, will be the directors of the Joint Venture company.
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