Samsonite sees the value in Chinese customers – accepting Chinese payment apps in store
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Samsonite sees the value in Chinese customers – accepting Chinese payment apps in store

Global luxury luggage market leader Samsonite knows which way the market’s going. Any company with a focus on international travel has witnessed, over the last ten years, the birth of an economic powerhouse: Chinese consumers, newly middle-class, curious to see the world and take a little bit of it back home with them. Now Samsonite has found a way to smooth its relationship with these travellers, partnering with cross-border mobile payment and commerce solution CITCON, which will let Chinese tourists use popular payment methods (such as Alipay and WeChat Pay) in Samsonite’s western stores.

Samsonite’s share price has appreciated by 9% year to date

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Source: Yahoo Finance

In a press release, Samsonite’s senior vice president and general manager of direct to consumer, said: “We're pleased to be partnering with CITCON and are excited to offer our guests a mobile payment option they are familiar with.” CITCON president and chief operating officer Wei Jiang, added: “We are excited to partner with Samsonite to provide the mobile payment solution to help them better serve Chinese customers and drive business growth.”

And the growth on offer could be considerable. The latest statistics from the China Tourism Academy show that Chinese tourists made 140 million outbound trips last year. That’s a 13.5% rise, year on year. And according to Ctrip, China’s largest player in the online travel space, The Lunar New Year that kicked off on February 5 should have seen outbound tourist trips hit a new high of 7 million over the period. Those customers are used to paying with apps and other online solutions. Now, in Samsonite stores, they can continue to indulge that habit with ease.

Disclosure
Dominion holds Samsonite in its Global Trends Luxury Fund.


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