Samsonite Group S.A. — Management Reports 2015

Nov 1, 2015

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Samsonite®

SAMSONITE INTERNATIONAL S.A.

新秀麗國際有限公司

13–15 Avenue de la Liberté, L-1931 Luxembourg

R.C.S. LUXEMBOURG: B 159469

(Incorporated in Luxembourg with limited liability)

(Stock code: 1910)

Trading Update at September 30, 2015

The Board of Directors of Samsonite International S.A. (the “Company”), together with its consolidated subsidiaries (the “Group”), is pleased to present the unaudited trading update of the Group for the period ended September 30, 2015. This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

For the Three Months Ended September 30, 2015

The Group’s net sales increased by US$58.4 million, or 9.3%, on a constant currency basis¹ for the three months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales decreased by US$3.7 million, or 0.6%, to US$623.7 million for the third quarter of 2015 from US$627.4 million for the third quarter of 2014, as a result of negative impacts from the strengthening of the US Dollar. Excluding net sales attributable to the Gregory brand, which was acquired on July 23, 2014, net sales increased by US$52.9 million, or 8.5%, on a constant currency basis for the three months ended September 30, 2015 compared to the three months ended September 30, 2014. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by US$24.5 million, or 10.1%;
• North America – net sales increased by US$4.5 million, or 2.2%;
• Europe – net sales increased by US$28.9 million, or 18.7%; and
• Latin America – net sales increased by US$0.7 million, or 2.3%.

¹ Net sales stated on a constant currency basis are calculated by applying the exchange rate of the comparable period in the prior year to current period local currency results.

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The following table sets forth a breakdown of the net sales by region for the three months ended September 30, 2015 and September 30, 2014, both in absolute terms and as a percentage of total net sales.

	Three months ended September 30,				2015 vs 2014
	2015		2014
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	Percentage increase (decrease)	Percentage increase (decrease) excl. foreign currency effects
Net sales by region:
Asia	245,060	39.3%	242,390	38.6%	1.1%	10.1%
North America	200,366	32.1%	197,956	31.6%	1.2%	2.2%
Europe	151,153	24.2%	154,744	24.7%	(2.3)%	18.7%
Latin America	25,235	4.1%	30,315	4.8%	(16.8)%	2.3%
Corporate	1,865	0.3%	1,950	0.3%	(4.4)%	(4.4)%
Net sales	623,679	100.0%	627,355	100.0%	(0.6)%	9.3%

Net Sales by Region

Excluding foreign currency effects, the Group's net sales in Asia increased by US$24.5 million, or 10.1%, for the three months ended September 30, 2015 compared to the third quarter of 2014. US Dollar reported net sales for the Asian region increased by US$2.7 million, or 1.1%. Excluding net sales attributable to the Gregory brand in Asia, net sales increased by US$20.9 million, or 8.8%, on a constant currency basis for the three months ended September 30, 2015 compared to the third quarter of 2014.

On a constant currency basis, net sales increased in all of the Group's major markets in the Asian region. On a constant currency basis, net sales continued to grow over the previous year in the key markets of Japan (+40.4%), India (+12.1%), Australia (+47.5%), Hong Kong (+4.2%), China (+2.9%) and South Korea (+1.2%). Japan experienced strong constant currency growth of 40.4% driven by increased sales of the Samsonite brand and the Gregory brand, which was acquired on July 23, 2014. Excluding net sales attributable to the Gregory brand, net sales in Japan increased by 30.1% on a constant currency basis. Net sales in China increased by 2.9% on a constant currency basis, despite the non-repetition of certain business-to-business sales in the previous year. Excluding business-to-business sales, net sales in China increased by 8.1% on a constant currency basis. South Korea continued to grow, with an increase of 1.2% on a constant currency basis, despite the negative impact from the Middle East Respiratory Syndrome ("MERS") outbreak. The Group continued to penetrate the emerging markets within the region with notable year-on-year constant currency net sales growth in the Philippines (+20.5%) and Thailand (+5.3%). On a constant currency basis, net sales growth in Asia continued to be driven by the success of the Samsonite and American Tourister brands as well as the acquisition of Gregory in the third quarter of 2014.

Excluding foreign currency effects, the Group's net sales in North America, which includes the United States and Canada, increased by US$4.5 million, or 2.2%, for the three months ended September 30, 2015 compared to the third quarter of 2014. US Dollar reported net sales for the North American region increased by US$2.4 million, or 1.2%. Excluding net sales attributable to the Gregory brand, net sales increased by US$3.3 million, or 1.7%, on a constant currency basis for the three months ended September 30, 2015 compared to the third quarter of 2014. Excluding foreign currency effects, net sales in Canada increased by US$1.9 million, or 17.5%, as the Group's business continues to thrive in the country driven by the Samsonite brand.

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Excluding foreign currency effects, the Group’s net sales in Europe increased by US$28.9 million, or 18.7%, for the three months ended September 30, 2015 compared to the third quarter of 2014. US Dollar reported net sales for the European region decreased by US$3.6 million, or 2.3%, due to the negative impact of the strengthening US Dollar. Excluding net sales attributable to the Gregory brand, net sales increased by US$28.0 million, or 18.1%, on a constant currency basis for the three months ended September 30, 2015 compared to the third quarter of 2014. American Tourister comprised 11.8% of the net sales in the European region during the three months ended September 30, 2015 compared to 8.6% during the same period in the previous year as the Group’s initiative to geographically expand the American Tourister brand continues to show signs of success.

On a constant currency basis, strong net sales growth over the previous year was achieved in several countries within the European region, most notably the United Kingdom (+34.8%, including the impact from the acquisition of Rolling Luggage in February 2015), Germany (+23.5%), France (+15.8%) and Italy (+6.5%). The Group continued to penetrate the emerging markets within the region with notable year-on-year constant currency net sales growth in Turkey (+28.3%), Russia (+26.8%) and South Africa (+22.0%).

Excluding foreign currency effects, the Group’s net sales in Latin America increased by US$0.7 million, or 2.3%, for the three months ended September 30, 2015 compared to the third quarter of 2014. US Dollar reported net sales for the Latin American region decreased by US$5.1 million, or 16.8%, as a result of negative impacts from the strengthening of the US Dollar. Mexico (+22.8%) and Chile (+11.0%) had strong constant currency net sales growth. Brazil (-35.4%) has been negatively impacted by the reduction in consumer spending from the current economic uncertainty in the country. Excluding Brazil, net sales in Latin America increased by 12.9% on a constant currency basis for the three months ended September 30, 2015 compared to the third quarter of 2014.

Net sales attributable to the Corporate segment decreased by US$0.1 million, or 4.4%, for the three months ended September 30, 2015 compared to the same period in 2014.

For the Nine Months Ended September 30, 2015

The Group’s net sales increased by US$241.7 million, or 13.9%, on a constant currency basis for the nine months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales increased by US$87.5 million, or 5.0%, to US$1,820.1 million for the nine months ended September 30, 2015 from US$1,732.7 million for the nine months ended September 30, 2014. Excluding net sales attributable to the Speck, Gregory and Lipault brands, which were all acquired in 2014, net sales increased by US$174.9 million, or 10.4%, on a constant currency basis for the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014. Performance on a constant currency basis by region was as follows:

• Asia – net sales increased by US$96.7 million, or 14.6%;
• North America – net sales increased by US$64.2 million, or 11.8%;
• Europe – net sales increased by US$75.2 million, or 17.8%; and
• Latin America – net sales increased by US$5.6 million, or 5.8%.

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The following table sets forth a breakdown of the net sales by region for the nine months ended September 30, 2015 and September 30, 2014, both in absolute terms and as a percentage of total net sales.

	Nine months ended September 30,				2015 vs 2014
	2015		2014
	US$'000	Percentage of net sales	US$'000	Percentage of net sales	Percentage increase (decrease)	Percentage increase (decrease) excl. foreign currency effects
Net sales by region:
Asia	716,486	39.4%	663,771	38.3%	7.9%	14.6%
North America	603,076	33.1%	543,728	31.4%	10.9%	11.8%
Europe	406,160	22.3%	421,555	24.3%	(3.7)%	17.8%
Latin America	88,130	4.8%	97,281	5.6%	(9.4)%	5.8%
Corporate	6,294	0.4%	6,341	0.4%	(0.7)%	(0.7)%
Net Sales	1,820,146	100.0%	1,732,676	100.0%	5.0%	13.9%

Net Sales by Region

Excluding foreign currency effects, the Group's net sales in Asia increased by US$96.7 million, or 14.6%, for the nine months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales for the Asian region increased by US$52.7 million, or 7.9%. Excluding net sales attributable to the Gregory and Lipault brands in Asia, net sales increased by US$82.0 million, or 12.4%, on a constant currency basis for the nine months ended September 30, 2015 compared to the same period in 2014. The Group continued to experience constant currency sales growth in its key markets across the region, most notably Japan (+42.9%), China (+18.8%), India (+12.7%), Australia (+38.3%), Hong Kong (+6.7%) and South Korea (+3.5%). The strong growth in Japan was driven by increased sales of the Samsonite brand and the acquisition of Gregory in the third quarter of 2014. Excluding net sales attributable to the Gregory brand, net sales in Japan increased by 27.2% on a constant currency basis. South Korea continued to grow, with an increase of 3.5% on a constant currency basis, despite the negative impact from the MERS outbreak.

Excluding foreign currency effects, the Group's net sales in North America increased by US$64.2 million, or 11.8%, for the nine months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales for the North American region increased by US$59.3 million, or 10.9%. Excluding net sales attributable to the Speck and Gregory brands, net sales increased by US$20.4 million, or 4.1%, on a constant currency basis for the nine months ended September 30, 2015 compared to the same period in 2014.

Excluding foreign currency effects, the Group's net sales in Europe increased by US$75.2 million, or 17.8%, for the nine months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales for the European region decreased by US$15.4 million, or 3.7%, as a result of negative impacts from the strengthening of the US Dollar. Excluding net sales attributable to the Gregory and Lipault brands, net sales increased by US$67.0 million, or 16.0%, on a constant currency basis for the nine months ended September 30, 2015 compared to the same period in 2014. Several key countries within the region experienced strong constant currency net sales growth, most notably the United Kingdom (+45.4%, including the impact from the acquisition of Rolling Luggage in February 2015), Germany (+19.5%), France (+14.3%) and Italy (+6.5%). The Group continued to penetrate the emerging markets within the region with notable year-on-year constant currency net sales growth in Turkey (+37.9%), South Africa (+25.4%) and Russia (+11.9%), despite the economic downturn and devaluation of the Russian Ruble.

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Excluding foreign currency effects, the Group’s net sales in Latin America increased by US$5.6 million, or 5.8%, for the nine months ended September 30, 2015 compared to the same period in 2014. US Dollar reported net sales for the Latin American region decreased by US$9.2 million, or 9.4%, as a result of negative impacts from the strengthening of the US Dollar. Strong constant currency net sales growth was experienced in Mexico (+20.7%) and Chile (+10.9%). Brazil (-38.7%) has been negatively impacted by the reduction in consumer spending from the current economic uncertainty in the country. Excluding Brazil, net sales in Latin America increased by 14.3% on a constant currency basis for the nine months ended September 30, 2015 compared to the same period in the prior year.

Net sales attributable to the Corporate segment for the nine months ended September 30, 2015 were relatively flat year-on-year.

By Order of the Board
Samsonite International S.A.
Timothy Charles Parker
Chairman

Hong Kong, November 2, 2015

As of the date of this announcement, the Executive Directors are Ramesh Dungarmal Tainwala, Kyle Francis Gendreau and Tom Korbas, the Non-Executive Director is Timothy Charles Parker and the Independent Non-Executive Directors are Paul Kenneth Etchells, Keith Hamill, Miguel Kai Kwun Ko, Bruce Hardy McLain (Hardy) and Ying Yeh.

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