Samsonite Group S.A. Announces Interim Results for the Six Months Ended June 30, 2025
For the second quarter ended June 30, 2025: Consolidated net sales were US$865.0 million, a decrease of 4.8%, or 5.8% on a constant currency basis1, period-over-period, in line with expectations Achieved gross profit margin of 59.0% and adjusted EBITDA margin2 of 16.3%
For the first half ended June 30, 2025: Consolidated net sales were US$1,661.7 million, a decrease of 6.0%, or 5.2% on a constant currency basis1, period-over-periodDelivered gross profit margin of 59.2% and adjusted EBITDA margin2 of 16.2%Maintained substantial liquidity3 of US$1.4 billion
MANSFIELD, Mass. and HONG KONG, Aug. 13, 2025 /PRNewswire/ -- Samsonite Group S.A. (together with its consolidated subsidiaries, the "Company", "Samsonite Group" "our", "us" or "we"; SEHK stock code: 1910), the world's best-known and largest travel luggage company and a leader in global lifestyle bags, today published its interim results for the six months ended June 30, 2025.
Unless otherwise stated, all net sales growth rates are presented on a constant currency basis1.
OverviewCommenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, "Samsonite Group delivered results in line with our expectations for the first half of 2025 despite a challenging macroeconomic backdrop. While we believe consumers continue to prioritize travel and experiences, we observed a softening in travel demand during the first half of 2025, influenced by macroeconomic uncertainty, shifting trade policies, and weakening consumer sentiment. We expect these trends to continue in the second half of 2025, impacting near-term demand, but we remain confident in longer-term travel tailwinds supporting the business. We continue to strategically invest in our business to position Samsonite Group for strong, sustainable long-term growth, while maintaining strict discipline over our overall cost structure."
We significantly benefited from the unprecedented "revenge travel" boom of 2021 to 2023, a period during which the recovery of our business significantly outpaced the market. From 2021 to 2024 our reported net sales grew at a CAGR that was approximately six times that of the overall luggage and bags industry4, 5. Our recent net sales trends have diverged from the broader travel industry growth, reflecting a normalization from the "revenge travel" surge as well as softer consumer sentiment due to ongoing macroeconomic pressures. That said, Samsonite Group's net sales performance in the second quarter of 2025 was generally consistent with our outlook, while our gross profit margin and adjusted EBITDA margin2 remained stable compared to the first quarter of 2025, a tribute to our nimble, focused and disciplined teams around the world.
For the six months ended June 30, 2025, Samsonite Group reported net sales of US$1,661.7 million, a decline of 5.2%1 compared to the first half of 2024, during which net sales increased by 2.8%1 from a very strong first half in 2023. Nevertheless, our net sales in the first half of 2025 were still up by 24.4%1, 5 compared to the first half of 2019 before the pandemic, a notable achievement. During the first half of 2025, net sales in North America and Asia decreased by 7.7%1 and 7.3%1, respectively, compared to the same period in 2024. First half 2025 net sales were relatively stable in the remaining regions, up by 1.6%1 in Europe and down by 1.0%1 in Latin America period-over-period.
The period-over-period decrease in net sales for the first half 2025 was due primarily to a 7.4%1 reduction in wholesale channel6 net sales as wholesale customers purchased more cautiously amidst macroeconomic uncertainty and shifting trade policies. In contrast, our direct-to-consumer ("DTC") channel showed greater resilience, with net sales decreasing 1.6%1 in the first half of 2025 compared to the first half of 2024, reflecting the strength of our connection with consumers and our ongoing strategic investments in our DTC channel. As a result, our DTC channel contributed 39.6% of net sales in the first half of 2025, up 150 basis points compared to 38.1% of net sales in the first half of 2024. We believe this evolution not only enhances our overall gross profit margin profile but also elevates the end consumer's brand experience and strengthens brand loyalty.
Our premium brands, TUMI and Samsonite, demonstrated greater resilience compared to our value-oriented American Tourister brand, as middle- to upper-income consumers continued to prioritize travel and our high-quality branded products. Net sales of the TUMI brand decreased by 2.5%1 in the first half of 2025 compared to the first half of 2024, with net sales gains in Europe (+6.2%1) and in Latin America (+18.6%1) offset by declines in North America (-4.7%1) and Asia (-2.5%1). Samsonite brand net sales decreased by 4.7%1 in the first half of 2025 compared to the same period in 2024 largely attributable to lower net sales in Asia (-8.8%1) and North America (-5.7%1) while net sales in Europe (+0.6%1) and Latin America (+0.2%1) were stable period-over-period.
We believe there is a significant long-term opportunity to encourage consumers to trade up from low-price, unbranded products to our American Tourister brand. That said, in the current environment, American Tourister, with its significant wholesale presence and appeal to a more price-sensitive consumer, experienced a greater impact from softer consumer sentiment. Additionally, we have observed an increased presence of low-price, unbranded competitors, though we chose not to compete in that market in order to protect the profitability and positioning of American Tourister. American Tourister brand net sales decreased by 12.7%1 in the first half of 2025 compared to the same period in 2024 due to wholesale customers purchasing more cautiously across our regions, particularly in Asia (-14.1%1), the brand's largest region in terms of net sales, and North America (-20.9%1).
The non-travel product category7, which represents a significant long-term growth opportunity in an underpenetrated category of our business, also demonstrated greater resilience. Net sales for the first half of 2025 increased by 0.1%1 period-over-period and contributed 36.2% of net sales, up by 180 basis points compared to the same period in 2024, reflecting our focus on expanding beyond our core travel-related offerings. Notably, net sales of the Gregory brand increased by 14.7%1 in the first half of 2025 compared to the same period in 2024, illustrating the strong long-term growth prospects for both the brand and the non-travel product category7.
Our gross profit margin remained robust at 59.2% for the six months ended June 30, 2025, compared to a record 60.2% in the first half of 2024, with the reduction largely due to changes in our net sales mix, including a relatively lower net sales contribution from our higher-margin Asia region, as well as the effect of certain strategic promotional sales initiatives designed to drive sales volume, partially offset by an increased net sales contribution from our DTC channel. Notably, our gross profit margin for the first half of 2025 was still up by 320 basis points compared to 56.0% in the first half of 2019, reflecting the Company's successful investments in brand elevation since the pandemic.
We continued to strategically invest in our business, particularly in product innovation, our DTC presence and marketing initiatives, while maintaining strict discipline over our overall cost structure. We continue to focus on remaining at the forefront of creating innovative and exciting products that we believe will drive demand and elevate our market leadership position. We had several strong and exciting product launches in the first half of 2025 and have more coming in the second half of 2025, such as our 2025 Red Dot Design Award winning Samsonite PARALUX collection in the third quarter of 2025. We believe these investments are critical in positioning our business for strong, sustainable long-term growth in a dynamic market environment.
We continued to invest in the strategic expansion of our retail store fleet to enhance brand presence, capture new market opportunities, and ensure a stronger physical footprint for future growth, particularly for our underpenetrated TUMI brand in Asia and Europe, while maintaining agility and discipline in managing our cost base. We added 57 net new company-operated retail stores in the twelve months since June 30, 2024, including 21 net new company-operated retail stores during the first half of 2025. Nevertheless, total distribution and general and administrative expenses increased by just US$5.1 million, or 0.8%, to US$643.6 million for the first half of 2025 compared to the same period in 2024, a testament to our commitment to operational efficiency and prudent resource allocation. As a percentage of net sales, total distribution and general and administrative expenses represented 38.7% of net sales in the first half of 2025 versus 36.1% in the first half of 2024 primarily due to lower net sales period-over-period.
To drive our brands' long-term success requires sustained investment, particularly in marketing. Our global scale allows us to make consistent and substantial investments in marketing to drive growth. This also gives us the flexibility to pull back temporarily and protect our profitability when faced with short-term challenges. We adjusted advertising investments to appropriate levels in light of softer consumer sentiment, spending US$98.7 million on marketing during the six months ended June 30, 2025, a 15.9% reduction compared to US$117.4 million in the first half of 2024. As a percentage of net sales, marketing expenses decreased by 70 basis points to 5.9% of net sales for first half of 2025 compared to 6.6% for the same period in 2024. We expect to continue to capitalize on our advertising and marketing spend to amplify brand awareness, cultivate customer loyalty, and stimulate demand that contributes to our long-term profitability.
For the six months ended June 30, 2025, Samsonite Group reported adjusted EBITDA8 of US$268.7 million, a reduction of US$64.8 million from US$333.5 million for the first half of 2024. Our adjusted EBITDA margin2 was 16.2% for the first half of 2025 compared to 18.9% for the same period in 2024 due to lower gross profit margin and higher distribution and general and administrative expenses as a percentage of net sales, partially offset by lower marketing expenses as a percentage of net sales. We remain committed to improving operational efficiency and prudent resource allocation. This focus has led to an improvement in our margin profile with adjusted EBITDA margin2 for the first half of 2025 being 400 basis points higher compared to 12.2% for the first half of 2019.
Our balance sheet remained healthy and well positioned for long-term growth. We have significantly deleveraged the business over the past few years, and our financial discipline and operational agility have enabled Samsonite Group to generate cash despite challenging market conditions. Adjusted free cash flow9 was US$11.5 million for the six months ended June 30, 2025, compared to US$81.6 million for first half of 2024, due to lower adjusted EBITDA8 period-over-period and an increase in net working capital10 during the first half of 2025.
Net debt was US$1.2 billion11 as of June 30, 2025, compared to net debt of US$1.0 billion11 as of June 30, 2024, due to returning a total of US$350 million to shareholders through a US$150 million cash distribution and US$200 million in share repurchases during the intervening 12-month period. We continued to maintain substantial liquidity3 of US$1.4 billion as of June 30, 2025.
We are advancing consumer-facing communications on "Our Responsible Journey" sustainability initiatives. We believe durability, repairability and recycled materials are what consumers care most about when it comes to the sustainability of luggage and bags, and we have developed new messaging for the Samsonite, TUMI and American Tourister brands to more clearly convey our commitment to these areas of consumer focus.
Mr. Gendreau continued, "While we remain confident in longer-term travel tailwinds supporting the business, the current macroeconomic environment is uncertain with shifting trade policies and softer global consumer confidence which are impacting near-term demand and make it more difficult to predict the second half of 2025."
Although we expect net sales for the third quarter of 2025 will benefit from expected continued growth in global travel demand and comparing against a soft demand environment in the third quarter of 2024, we anticipate consumer sentiment to remain muted. This is due in part to ongoing trade policy uncertainties, along with inflationary pressures, which may further impact consumer demand. We believe there is potential for some level of sequential net sales improvement in the third quarter of 2025 relative to the second quarter of 2025, although the economic environment and consumer demand remain challenging to predict.
Preparations for a potential dual listing of the Company's securities in the United States remain ongoing. However, we are closely monitoring the current economic backdrop and market uncertainty. Our Board of Directors and management continue to believe a dual listing of the Company's securities in the United States will enhance value creation for our shareholders over time, and we are well-positioned to proceed when trading and market conditions improve.
Mr. Gendreau concluded, "Our teams are highly energized, and we continue to follow our long-standing guiding principle to "Do unto others as you would have them do unto you" and treat our customers, employees, suppliers and investors with fairness and respect. As we live up to these core values and leverage our portfolio of leading brands, unrivalled global sourcing and distribution infrastructure, and commitment to sustainability and innovation, we strive to further strengthen Samsonite Group's market position and drive sustainable and profitable long-term growth."
Table 1: Key Financial Highlights for the Second Quarter Ended June 30, 2025
Expressed in US$ millions,
except per share data
Three months endedJune 30, 2025
Three months endedJune 30, 2024,
as adjusted12
Percentage
increase (decrease)2Q 2025 vs. 2Q 2024
Net sales
865.0
908.9
(4.8) %
Gross profit
510.7
545.4
(6.4) %
Gross profit margin
59.0 %
60.0 %
Operating profit
128.8
164.9
(21.9) %
Profit for the period12
74.8
92.7
(19.2) %
Profit attributable to the equity holders12
70.1
85.5
(18.1) %
Adjusted net income13
71.4
86.9
(17.8) %
Adjusted EBITDA8
141.1
172.3
(18.1) %
Adjusted EBITDA margin2
16.3 %
19.0 %
Basic earnings per share12
– Expressed in US$ per share
0.051
0.059
(13.5) %
Diluted earnings per share12
– Expressed in US$ per share
0.050
0.058
(12.8) %
Adjusted basic earnings per share14
– Expressed in US$ per share
0.052
0.059
(13.2) %
Adjusted diluted earnings per share14
– Expressed in US$ per share
0.051
0.059
(12.5) %
Results Highlights for the Second Quarter Ended June 30, 2025For the three months ended June 30, 2025, the Company recorded net sales of US$865.0 million, a decline of 5.8%1 compared to the corresponding period in 2024, broadly in line with the Company's expectations. During the quarter, macroeconomic and geopolitical uncertainties remained elevated, impacting consumer sentiment around the world, resulting in slower retail traffic and greater caution from wholesale customers.
For the second quarter of 2025, net sales in Asia were US$318.7 million, a decrease of 7.6%1 compared to the second quarter of 2024, relatively stable compared to the 7.0%1 period-over-period decrease in the first quarter of 2025. In the second quarter of 2025, net sales in China decreased by 6.2%1 period-over-period as consumer sentiment was impacted by shifting trade policies, versus a 4.8%1 period-over-period decrease in the first quarter of 2025. Net sales in India decreased by 2.7%1 period-over-period in the second quarter of 2025 due to softening consumer sentiment, versus a 2.6%1 period-over-period increase in the first quarter of 2025. In the second quarter of 2025, net sales in Japan and South Korea decreased by 1.3%1 and 13.5%1 period-over-period, respectively. In comparison, in the first quarter of 2025, net sales in Japan and South Korea decreased by 2.3%1 and 18.8%1 period-over-period, respectively.
During the second quarter of 2025, net sales in North America were US$299.1 million, a decrease of 7.3%1 period-over-period, but a sequential improvement versus the 8.0%1 period-over-period reduction in the first quarter of 2025. This improvement was driven by the TUMI brand, which recorded a 3.3%1 decrease in net sales in North America during the second quarter of 2025 compared to a 6.3%1 decline in the first quarter of 2025, in each case compared to the same period in 2024.
Net sales in Europe decreased by 0.9%1 to US$203.3 million in the second quarter of 2025 compared to the second quarter of 2024. In comparison, net sales in Europe increased by 4.4%1 period-over-period in the first quarter of 2025. While travel demand into Europe continued to show strength in the second quarter of 2025, softening consumer confidence and demand led to net sales decreases in certain markets in the region including Italy (-3.5%1), the United Kingdom (-9.4%1), France (-3.5%1) and Spain (-5.2%1), partially offset by improved net sales in Germany (+8.7%1).
Net sales in Latin America decreased by 2.2%1 to US$43.9 million in the second quarter of 2025 compared to the second quarter of 2024. This was largely attributable to period-over-period net sales decreases in Mexico (-10.0%1) and Brazil (-13.3%1) due to weakening consumer sentiment and more cautious purchasing from wholesale customers. Net sales in Chile were relatively stable, down by 0.7%1 in the second quarter of 2025 compared to the same period in 2024.
During the second quarter of 2025, net sales of the Samsonite brand decreased by 4.9%1 to US$446.7 million, period-over-period. The decrease was largely attributable to reduced net sales in Asia (-9.0%1) and North America (-5.4%1) due to lower consumer confidence and spending. Net sales in Europe were flat1 and net sales in Latin America decreased by 3.3%1 in the second quarter of 2025, period-over-period.
During the second quarter of 2025, net sales of the TUMI brand decreased by 3.0%1 to US$215.5 million, period-over-period. The TUMI brand reported net sales growth in Europe (+1.9%1) and in Latin America (+21.5%1), but these net sales gains were offset by net sales declines in Asia (-5.2%1) and in North America (-3.3%1). In North America, TUMI net sales performance showed sequential improvement from the first quarter of 2025 during which net sales declined by 6.3%1 compared to the first quarter of 2024.
During the second quarter of 2025, net sales of the American Tourister brand decreased by 14.4%1 to US$134.8 million, period-over-period, due to macroeconomic uncertainty dampening consumer sentiment and more cautious purchasing by wholesale customers across our regions. Additionally, we have observed an increased presence of low-price, unbranded competitors, though we chose not to compete in that market in order to protect the profitability and positioning of American Tourister. The brand reported net sales declines in Asia (-14.0%1), which is the largest contributor of the brand's net sales, North America (-26.8%1), Europe (-7.8%1) and Latin America (-14.9%1).
Net sales in the Company's wholesale channel6 decreased by 8.7%1 to US$510.3 million (representing 59.0% of net sales) for the three months ended June 30, 2025, compared to US$554.5 million (representing 61.0% of net sales) during the same period in 2024 due to softening consumer confidence resulting in more cautious purchasing by wholesale customers.
For the three months ended June 30, 2025, the Company's net sales in the DTC channel decreased by 1.3%1 period-over-period and accounted for 41.0% of net sales, versus 39.0% of net sales during the second quarter of 2024. Within the DTC channel, net sales from company-operated retail stores decreased by 1.3%1 period-over-period and comprised 29.0% of net sales during the second quarter of 2025, compared to 27.6% of net sales during the same period in 2024. DTC e-commerce net sales decreased by 1.2%1 period-over-period and accounted for 12.0% of net sales during the second quarter of 2025, compared to 11.4% of net sales during the second quarter of 2024.
The Company's gross profit decreased by US$34.7 million, or 6.4%, to US$510.7 million for the three months ended June 30, 2025, from US$545.4 million in the second quarter of 2024. Gross profit margin was 59.0% for the second quarter of 2025 compared to 60.0% for the second quarter of 2024. This decrease was due primarily to unfavorable geographic net sales mix, including a decreased share of net sales from the higher-margin Asia region, as well as the effect of certain strategic promotional sales initiatives designed to drive sales volume, partially offset by an increased net sales contribution from our DTC channel.
Distribution expenses increased by US$10.2 million, or 3.9%, to US$273.0 million (representing 31.6% of net sales) for the three months ended June 30, 2025, from US$262.8 million (representing 28.9% of net sales) for the second quarter of 2024, primarily due to the addition of 57 net new company-operated retail stores since June 30, 2024 (including 12 net new company-operated retail stores added during the second quarter of 2025).
The Company spent US$56.6 million (representing 6.5% of net sales) on marketing during the three months ended June 30, 2025, a reduction of US$8.0 million, or 12.3%, from US$64.6 million (representing 7.1% of net sales) in the second quarter of 2024, as the Company adjusted advertising investments to appropriate levels in light of softer consumer sentiment.
General and administrative expenses decreased by US$5.3 million, or 9.1%, to US$53.0 million (representing 6.1% of net sales) for the three months ended June 30, 2025, from US$58.3 million (representing 6.4% of net sales) for the second quarter of 2024, reflecting the Company's ongoing discipline with respect to expense management.
For the three months ended June 30, 2025, the Company recorded adjusted EBITDA8 of US$141.1 million, a reduction of US$31.1 million, or 18.1%, from US$172.3 million for the same period in 2024. Adjusted EBITDA margin2 for the three months ended June 30, 2025, was 16.3% compared to 19.0% for the second quarter of 2024, primarily due to lower gross profit margin and higher distribution expenses as a percentage of net sales, partially offset by lower marketing expenses and general and administrative expenses as a percentage of net sales. Adjusted net income13 decreased by US$15.5 million, or 17.8%, to US$71.4 million for the three months ended June 30, 2025, compared to US$86.9 million for the three months ended June 30, 2024. Adjusted free cash flow9 decreased by US$22.4 million to US$52.7 million for the three months ended June 30, 2025, compared to US$75.1 million for the same period in 2024.
Table 2: Key Financial Highlights for the Six Months Ended June 30, 2025
Expressed in US$ millions,
except per share data
Six months endedJune 30, 2025
Six months endedJune 30, 2024,
as adjusted12
Percentage
increase (decrease)1H 2025 vs. 1H 2024
Net sales
1,661.7
1,768.5
(6.0) %
Gross profit
983.8
1,064.8
(7.6) %
Gross profit margin
59.2 %
60.2 %
Operating profit
238.4
314.7
(24.2) %
Profit for the period12
130.0
184.2
(29.4) %
Profit attributable to the equity holders12
118.2
169.4
(30.2) %
Adjusted net income13
123.4
174.0
(29.1) %
Adjusted EBITDA8
268.7
333.5
(19.4) %
Adjusted EBITDA margin2
16.2 %
18.9 %
Basic earnings per share12
– Expressed in US$ per share
0.085
0.116
(26.8) %
Diluted earnings per share12
– Expressed in US$ per share
0.085
0.115
(26.4) %
Adjusted basic earnings per share14
– Expressed in US$ per share
0.089
0.119
(25.6) %
Adjusted diluted earnings per share14
– Expressed in US$ per share
0.088
0.118
(25.2) %
Results for the Six Months Ended June 30, 2025The Company's performance for the six months ended June 30, 2025, is discussed in greater detail below. Unless otherwise stated, all net sales growth rates are presented on a constant currency basis1.
Net SalesFor the six months ended June 30, 2025, the Company recorded net sales of US$1,661.7 million, a decline of 5.2%1 compared to the first half of 2024 when net sales were up 2.8%1 from a very strong first half in 2023. The Company's net sales in the first half of 2025 were primarily impacted by wholesale customers purchasing more cautiously amidst higher macroeconomic uncertainty and shifting trade policies.
Net Sales Performance by RegionTable 3: Net Sales by Region
Region15
Six months ended
June 30, 2025
US$ millions
Six months ended
June 30, 2024
US$ millions
Percentage
increase (decrease)
1H 2025 vs. 1H 2024
Percentage
increase (decrease)
1H 2025 vs. 1H 2024
excl. foreign
currency effects1
Asia
625.7
680.0
(8.0) %
(7.3) %
North America
560.6
608.3
(7.8) %
(7.7) %
Europe
378.8
372.3
1.8 %
1.6 %
Latin America
96.4
107.5
(10.4) %
(1.0) %
Corporate
0.2
0.4
(58.3) %
(58.3) %
Net sales
1,661.7
1,768.5
(6.0) %
(5.2) %
AsiaFor the six months ended June 30, 2025, the Company's net sales in Asia decreased by 7.3%1 period-over-period and accounted for 37.7% of the Company's total net sales compared to 38.5% in the first half of 2024. The net sales decline was attributable mainly to soft consumer sentiment in China, South Korea and Hong Kong, where net sales declined by 5.5%1, 16.4%1 and 20.0%1 period-over-period, respectively. Net sales in India decreased by 0.1%1 period-over-period, a considerable improvement compared to the 10.6%1 period-over-period decline in the first half of 2024, as recent product launches were well received by consumers notwithstanding continued intense promotional activity by competitors. Net sales in Japan decreased by 1.8%1 compared to a strong first half in 2024, during which net sales increased by 19.0%1 period-over-period.
North AmericaDuring the first half of 2025, net sales in North America were down by 7.7%1 period-over-period due to lower consumer confidence leading to reduced demand and more cautious purchasing by wholesale customers. Net sales of the Samsonite, TUMI and American Tourister brands decreased by 5.7%1, 4.7%1 and 20.9%1, respectively, during the first half of 2025 compared to the first half of 2024.
EuropeFor the six months ended June 30, 2025, net sales in Europe increased by 1.6%1, driven by improved net sales in Germany (+9.0%1), partially offset by net sales declines in the United Kingdom (-8.0%1) and France (-0.9%1) due to decreased consumer confidence and demand, period-over-period. Net sales in Italy and Spain were relatively stable, increasing by 0.1%1 and 0.2%1 period-over-period, respectively.
Latin AmericaFor the six months ended June 30, 2025, net sales in Latin America decreased by 1.0%1 period-over-period largely attributable to declining consumer confidence in Mexico and a softer back-to-school season in Chile. Net sales in Mexico decreased by 13.5%1 while net sales in Chile decreased by 0.2%1.
Net Sales Performance by BrandTable 4: Net Sales by Brand
Brand
Six months ended
June 30, 2025
US$ millions
Six months ended
June 30, 2024
US$ millions
Percentage
increase (decrease)
1H 2025 vs. 1H 2024
Percentage
increase (decrease)
1H 2025 vs. 1H 2024
excl. foreign
currency effects1
