The world’s biggest luggage maker has warned that it will have to slash costs, slow store openings and curb advertising spending for the rest of the year to protect its profits from the escalating US-China trade war.
Kyle Gendreau, chief executive of Samsonite International, said it was focused on “navigating the macroeconomic headwinds in certain markets, including the United States, which was affected by increased tariffs on products sourced from China and lower tourist traffic”.
