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Rustan Group to sell Samsonite travel goods

Aug '08
Samsonite Group, the worldwide leader in travel bags, luggage and accessories, announces that it has signed an agreement to establish a Joint Venture with Specialty Investments Inc a subsidiary of the Rustan Group.

Rustan Group is a leading wholesaling and retailing conglomerate in the Philippines and is the exclusive franchisee for some of the finest international names in fashion and personal care products.

The agreement reinforces and accelerates Samsonite Group's President and CEO, Marcello Bottoli's vision of turning Samsonite into a global group with a strong market penetration and leadership in all continents. By reinforcing its presence in this territory, Samsonite sets the stage for continued expansion in the region.

The agreement allows the Joint Venture company to distribute and to sell travel goods, and Samsonite Group's President and CEO, Marcello Bottoli, and President Asia, Ramesh Tainwala, will be the directors of the Joint Venture company.

Samsonite Group's President and CEO Marcello Bottoli said, "We are very excited about partnering with the Rustan Group in one of the world's fastest growing markets.

The Joint Venture represents an important milestone in Samsonite's repositioning as an elite lifestyle travel company on a global scale.

At the same time, the cooperation materially benefits all of our brands' future development in the Philippines and its surrounding regions.

We continue to define, develop, clarify and promote all of our brands, thereby strengthening our position in every market segment and building a solid platform for future growth."

Chairman of Specialty Investments Mrs. Zenaida R. Tantoco commented, "We are absolutely delighted to become part of this great company. This is further recognition that we have been able to maintain the highest standards of quality in our home market.

The future of our company is very important to us and we believe that, by becoming a strategic partner of Samsonite, we are rapidly accelerating our own corporate development and reinforcing our domestic market leadership.

Specialty Investments has an outstanding team of retail professionals which, when combined with Samsonite's global expertise, makes an exceptional combination to serve our customers even better."

Samsonite Group

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