Wilsons Leather acquires US luggage retailer
The US-based leather goods retailer, Wilsons The Leather Experts Inc. last week announced that it has signed a definitive purchase agreement to acquire Bentley’s Luggage Corporation, a privately-held, Miami, Florida-based specialty retailer of travel products and accessories. Financial terms of the transaction, which is expected to close within 30 days, were not disclosed.
Founded in 1947, Bentley’s Luggage retails a wide variety of luggage and travel-related accessories, featuring premier brands such as Tumi, Hartmann, Swiss Army, Travelpro and Kenneth Cole. The Company currently operates 106 mall and outlet stores in 22 states throughout the U.S. and in Puerto Rico. Bentley’s full year sales for fiscal 2001 are expected to be approximately $100 million.
Joel Waller, Chairman and Chief Executive Officer of Wilsons Leather, commented, "We are extremely pleased to announce this agreement as it is in keeping with our goal of expanding our Company’s presence in the $4 billion per year retail travel products market. The acquisition of Bentley’s, combined with the El Portal acquisition we completed in October 2000, positions Wilsons Leather as the largest specialty retailer of travel-related products and accessories in the United States, and brings us even closer towards our goal of achieving $1 billion in annual sales."
Mr. Waller concluded, "Additionally, this move serves to further diversify Wilsons Leathers’ overall business, as well as moderate our financial seasonality. We expect to realise a number of synergies from this transaction, as Bentley’s merchandising, store locations, and customer profiles are very complementary to El Portal’s. We look forward to continuing to leverage the combined strengths of both groups in new and successful retail venues. "
