Tumi Holdings Completes Acquisition of Japanese Joint Venture
January 06 2016 - 5:59AM
Business Wire
Tumi Holdings, Inc. (NYSE:TUMI), the leading global brand of
premium travel, business and lifestyle products and accessories,
today announced that it has completed the acquisition of the
remaining 50% stake in its Japanese joint venture, Tumi Japan,
which was first announced on November 4, 2015. The acquisition
further strengthens Tumi’s position within the Japanese and Asia
Pacific region.
Tumi Japan operates a network of 13 Tumi stores and an
e-commerce website, and distributes Tumi product across an
additional 150 points of sale in Japan.
Jerome Griffith, Chief Executive Officer and President of Tumi,
said, “This acquisition further strengthens Tumi’s position within
the Japanese and Asia Pacific region. We have been pleased with the
strong acceptance of our brand among Japanese consumers and remain
excited about the long-term growth prospects of this region. We
look forward to welcoming the Tumi Japan team into the Tumi family
and look forward to integrating this region into the business,
sharing our expertise, brand power, and retail strategy to drive it
to the next level.”
The Company continues to expect that this acquisition will be
earnings neutral to the Company’s consolidated financial results in
2016, and accretive to earnings thereafter.
About Tumi
Tumi is the leading global brand of premium travel, business and
lifestyle products and accessories. The brand is sold in over 1,900
points of distribution from New York to Paris to London and Tokyo,
as well as in the world’s top department, specialty and travel
retail stores in over 75 countries. For more information, please
visit www.tumi.com.
Forward-Looking Statements
This release contains forward-looking statements, which address
a variety of subjects including, for example, the Company’s
expectation for the transaction to be earnings neutral to the
Company’s consolidated financial results in 2016, and accretive to
earnings thereafter, and the Company’s assessment of the long-term
growth prospects of the Japanese region. All statements other than
statements of historical fact, including without limitation, those
with respect to the Company’s goals, plans, expectations and
strategies set forth herein are forward-looking statements. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: changes in consumer spending and
general economic conditions; a decrease in travel levels;
interruption in supply; inventory management and product quality
control issues with our contract manufacturers; an inability to
open new store locations in a timely and profitable manner;
increases in costs of materials, labor or freight; the impact of
counterfeiting and transshipping; risks of operating
internationally, including exchange rate fluctuations; and the
success of new product introductions. For a detailed discussion of
cautionary statements that may affect the Company’s future results
of operations and financial results, please refer to the Company’s
filings with the Securities and Exchange Commission, including the
Company’s most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Forward-looking statements represent
management’s current expectations and are inherently uncertain. We
do not undertake any obligation to update forward-looking
statements made by us except as otherwise required under federal
securities laws.
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ICR, Inc.Investor Relations:Jean Fontana / Joseph Teklits,
203-682-8200jean.fontana@icrinc.comorICR, Inc.Media
Relations:Alecia Pulman / Brittany Fraser,
646-277-1231brittany.fraser@icrinc.com
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