Luggage giant Samsonite yesterday announced the appointment of Ramesh Tainwala as chief executive as sales reached a record $1bn (£600m) in the first half of 2014.
The Hong Kong-listed company said Tainwala, the group’s chief operating officer, would take over when current CEO Tim Parker stands aside on 1 October.
His appointment comes as Samsonite posted 13.8 per cent jump in net sales to $1.1bn for the six months to 30 June compared with the same time last year, driven by strong demand for its Samsonite and American Tourister brands .
Profits rose to $109.6m, representing 15.7 per cent growth versus the same time last year, with sales in Asia up 16.9 per cent and Latin America 20.4 per cent.
The group also bolstered its product range in the period with three acquisitions including Lipault – the French lightweight luggage company which it bought in April.