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Tumi Holdings

Tumi is one of nine IPOs that are scheduled for the week of April 16th. (Full IPO calendar here.)

An upswing in the sector’s business since 2008 has helped propel Tumi’s top line revenue. Revenue grew 31% in 2011 to $330 million, from
discount Michael Kors $252 million in 2010.

The company also got serious about earning money. Profits in 2009, 2010 and 2010 were $3 million, $16 million, $32 million (adjusted, see financials), respectively, with a 10% after tax margin profit margin for 2011. The 12 month trailing P/E’s are as follows: Tumi, 34; Samsonite, 30; Prada, 28; and Coach, 24.

The rate of increase in revenue (compared to the year earlier quarter) has declined from 42% to 31% to
fake Michael kors handbags outlet 19%, respectively, for the June, September and December 2011 quarters.

Also, Tumi makes a
cheap michael kors big deal of its retail
Michael Kors handbags expansion, but retail as a percentage of total sales declined from 26% to 23% to 20%, respectively, for 2009, 2010 and 2011.

ConclusionTumi should go up on the IPO and a bit in the after market. Tumi does appear to have customer loyalty among high end consumers, who may also be buyers in the IPO after market. However, IPOdesktop liked Michael Kors (KORS) on its IPO much better than Tumi.

Since 2005, Tumi has expanded its global presence by successfully implementing growth strategies, including opening additional company owned stores and increasing wholesale points of distribution.

Tumi estimates that accessories have grown from representing approximately 8% of net sales in 2008 to 14% of net sales in 2011. Additionally, Tumi has seen an increase in the relative percentage of net sales derived from its premium product line, and a decrease in the relative percentage of net sales derived from its core product line in recent years.

Travel Products IndustryIn recent years, the travel products industry has seen a trend in consumer preferences toward lighter weight luggage and travel accessories, as well as merchandise that makes mobile computing and communication more convenient.

SeasonalIn 2011, fourth quarter net sales represented 32% of total annual net sales. Currently, approximately one third of net sales in the Asia Pacific region are from China, with Japan and South Korea being the next largest contributors.
Cheap Michael Kors handbags Indirect to consumer net sales in the Asia Pacific region have more than doubled in the past five years.

Tumi also plans to increase the number of wholesale doors in key European markets including Germany, France and the United Kingdom, and to expand wholesale distribution in Central and South America, while also expanding the product portfolio offered in existing wholesale
michael kors handbags outlet doors.

In North America, Tumi expects to grow net sales by increasing its wholesale door presence, expanding accessories business in department stores, increasing the variety of products available to third party e commerce providers, and increasing penetration of the Canadian market through department stores, specialty stores, e commerce sales, and new distribution partners.

Since 2007, indirect to consumer net sales have, overall, increased slightly in the European, Middle Eastern and African, and North American markets and decreased slightly in Central and South American markets.

Retail StoresTumi plans to add new company owned and partner stores in upscale malls and
discount Michael Kors prestige street venues. The company expects to open eight to 16 company owned stores in North America and Western Europe in each of the next three years while also expanding its online presence. Tumi had 97 retail stores as of Dec. 31, 2011.

Most of the locations Tumi identified for new company owned stores are for full price stores, while the remaining locations are for outlet stores.

Tumi generally expects the payback of an investment in a new company owned store to occur in less than two and a half years.

CompetitionTumi’s biggest global competitor in
cheap Michael kors handbags outlet the travel goods category is Rimowa, a German company. Tumi also competes with Samsonite in Europe, the Middle East, Africa and Asia Pacific.

In the premium luggage and business cases category, Tumi competes with Bally, Burberry, Dunhill, Ferragamo, Gucci, Louis Vuitton, Montblanc, Porsche and Prada.Articles Connexes:

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