Tumi was acquired from the founding family, shareholders and Oaktree Capital Management by Fund IV in November 2004.
Tumi is a global, premium lifestyle brand whose products offer superior quality, durability, functionality and innovative design. The company offers a comprehensive line of travel and business products and accessories in multiple categories, building on a strong heritage of producing high-end performance travel goods and business cases. Tumi’s products are sold in more than 75 countries through approximately 1,700 points of distribution, including company-owned retail stores, third parties and e-commerce channels.
Working with DH, Tumi has significantly grown its presence in the Asia Pacific region. Accelerating the further roll-out of Tumi’s retail channel has been another major area of focus, with the number of stores having more than doubled globally since 2004. Product innovation also continues to be a key area of focus and the DH team has worked extensively with Tumi’s management to accelerate product development lead times.
DH and Tumi have also been focused on operating responsibly. For example, Tumi has become a member of the Fair Labor Association and joined the Leather Working Group. These initiatives ensure that all of Tumi’s partners and suppliers comply with employee safety and working conditions standards, and institute programs that are more environmentally responsible.
Tumi was listed on the New York Stock Exchange (symbol “TUMI”) in April 2012, at $18 per share. Following Secondary Public Offerings in November 2012, March 2013 and September 2014, DH’s ownership of Tumi has been further reduced to 13%.
Samsonite and Tumi announced on 3 March 2016 that they have entered into a definitive agreement whereby Samsonite will acquire Tumi for US$26.75 per share in an all cash transaction, valuing Tumi at an equity value of US$1.8 billion. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the second half of 2016, subject to the receipt of approvals by Samsonite and Tumi shareholders, the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.