TUMI COMPLETES JAPANESE ACQUISITION

Premium travel and business lifestyle brand Tumi Holdings, Inc. has completed the acquisition of the remaining 50 percent stake in its Japanese joint venture, Tumi Japan. The acquisition further strengthens the brand’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.

“This acquisition further strengthens Tumi’s position within the Japanese and Asia Pacific region,” said Tumi president and CEO Jerome Griffith. “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.