Luggage Maker Samsonite Buys Apple Case Maker Speck for $85 Million
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In its first acquisition outside the luggage space, Samsonite is buying Speck Products, a maker of cases for iPhones, Macs and other digital gear, in a deal valued at $85 million.
“The acquisition offers Samsonite the opportunity to participate in the large and growing smartphone-case market, which in the U.S. alone is estimated to be worth $2.3 billion, as well as in the tablet-case market, where Speck is also a leader,” said Tom Korbas, Americas president for Samsonite.
Speck, which started in 2001, has been looking to rebound after a tough 2013 in which the industry had a surplus of cases on the market.
“Although Speck experienced a temporary setback in 2013 from its historically strong results when the business was impacted by an industry-wide overhang in inventory from 2012, efforts to restructure the business are already well underway,” Irene Baran, CEO of Speck Products, said in a statement.