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Connelly Partners Contacts
|Steve C.||President, Chief Executive Officer & Copywriter||MA|
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|Alyssa D.||Senior Partner & Chief Creative Officer||MA|
|Steven D.||Chief Operating Officer & Chief Financial Officer||MA|
|Dana W.||Senior Partner & Director, Brand Management||MA|
|Scott S.||Senior Partner & Director, Digital||MA|
Luggage eCommerce Opps: Samsonite hires marketing head amid coronavirus-related drop in product demand (Score 61)
Luggage company Samsonite appointed a new marketing head, David Oksman, last month. Oksman most recent served as president and CMO at Luca + Danni but departed early this year. According to its recent Q1 2020 earnings call, it "significantly reduced" ad spend to cut costs; this trend may reverse under new marketing leadership.
In March 2020, Samsonite's global chief eCommerce officer of three years, Charlie Cole, departed for a CEO role at FTD.
Per the call, Samsonite's execs expect a 30% fall in revenue this quarter. Its eCommerce business is "moving"; this channel is under strain but still performing somewhat, though further details were not disclosed.
The company brought a lot of baggage into 2020, especially when it comes to debt, which helped it acquire Tumi for $1.8 billion in 2016. According to Samsonite's financial report from September 30, 2019, its debt was around three times its revenue. Now, the global pandemic disrupted the company's supply chain; it had to temporarily close factories in China and Southeast Asia in February. We expect the coronavirus has also upset Samsonite's sales since consumers aren't traveling nearly as often as usual, lessening the demand for luggage. Skift reports the company derived roughly 60% of revenues from sales of luggage to travels; it also makes athletic wear and backpacks.
Samsonite is currently focused on promoting discounts for Memorial Day and potential gifts for 2020 grads.
Agency & martech readers - You very well may have opportunities for media and/or digital partnerships under Samsonite's new marketing leader; to the best of our knowledge, Connelly Partners handles creative duties.