A customer (right) looks at a suitcase in a Samsonite shop in Hong Kong on Aug 28, 2012. (PHOTO / AFP)
Luggage maker Samsonite International on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets.
Samsonite did not provide details of the exchanges it is considering for the second listing, saying "pursuit of a dual listing is at an early stage".
The US would be the likely venue, said two people familiar with the situation.
Samsonite joins global names such beauty-shop chain L'Occitane and fashion house Prada in searching for options beyond Hong Kong, where valuations have dropped in the decade since booming private wealth persuaded non-Asian brands to raise their profile in the region.
READ MORE: Samsonite to extend retail presence in China
The company, which was founded in the US in 1910 and also owns the American Tourister and Tumi luggage brands, said an additional listing would allow it to reach investors in markets that are an important part of its global footprint and growth drivers for its business
The Asia market continues to be incredibly important for the group's core brands, and the company looks forward to continuing to successfully grow its business there and in other regions around the world.
Samsonite International
Samsonite explored a take-private earlier this year and has held discussions with advisers and investors, Reuters has reported.
The company said its board decided to focus on pursuing a dual listing after a preliminary review of potential paths.
"The Asia market continues to be incredibly important for the group's core brands, and the company looks forward to continuing to successfully grow its business there and in other regions around the world," Samsonite said in its filing.
Wall Street's three major stock indexes on Thursday registered record closing highs for the second day in a row after the Federal Reserve reassured investors about the prospects for rate cuts this year.
Asked if Samsonite would consider a US listing, the company said in an emailed response to Reuters that it has nothing to add beyond its announcement on Friday morning.
"We will make further announcements in accordance with applicable laws and regulations, as and when appropriate," its spokesperson said in the email.
Samsonite debuted on the Hong Kong stock exchange in 2011 when companies including L'Occitane and Prada wanted to raise their profile among Asian consumers and tap the growing number of wealthy consumers in the region, especially in China.
But valuations of Hong Kong-listed companies have sagged in recent years amid prolonged recession in the financial hub since 2019's pro-democracy protests, not helped by China's slowing economy and tension with the US.
L'Occitane and Prada have since considered options including additional listings to gain more global investor interest.
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Chinese billionaire entrepreneur and Olympic champion Li Ning is considering taking his namesake sportswear company private from the Hong Kong stock exchange, Reuters reported on March 12.
Shares of Samsonite have climbed 19.22 percent year-to-date amid a rebound in tourism in Asia while its market capitalization was $5.69 billion as of the end of Thursday, LSEG data showed.
Samsonite's shares dropped around 7 percent on Friday morning, versus a 1.7 percent decline in the Hang Seng Index.