Samsonite says the US is the appropriate venue for a secondary listing based on the company's "global footprint, growth drivers and strategic priorities". PHOTO: BLOOMBERG

THE board of Samsonite International has authorised the luggage maker to pursue a dual listing in the US to improve liquidity and make its shares more accessible to investors globally.

Samsonite, which is listed in Hong Kong, said in a Wednesday (Aug 14) statement that the US is the appropriate venue based on the company’s “global footprint, growth drivers and strategic priorities”.

Bloomberg News reported earlier this year that Samsonite was considering a dual listing in the US, or potentially Europe, while also exploring the possibility of a take-private deal. Funds including Carlyle Group and KKR & Co showed preliminary interest in a potential takeover, Bloomberg reported in March.

Shares in Samsonite, which owns the American Tourister, Tumi and High Sierra brands, have fallen 18 per cent in Hong Kong this year, leaving the company with a market value of HK$30.9 billion (S$5.2 billion).

Samsonite, which has headquarters in Massachusetts and Luxembourg, raised about HK$10 billion in its Hong Kong initial public offering in 2011.

Samsonite said Wednesday its first-half net income rose 7.7 per cent from a year earlier to US$164.3 million, while net sales were little changed at US$1.77 billion.

“While growth in global travel and tourism remains healthy, we are seeing rising macroeconomic uncertainty and softening consumer sentiment in a number of markets around the world,” Samsonite chairman Tim Parker said. “We will leverage Samsonite’s decentralised management structure to nimbly navigate more demanding trading conditions while investing in the business.” BLOOMBERG