Report published August 14, 2026
Samsonite Group (1910.HK) 2Q26 Results & BÉIS Acquisition: Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 14, 2026
- Analysis as of
- August 13, 2026
Authors / editors: Simon Cheung (Primary Analyst), Leah Pan (Analyst), Alpha Wang (Analyst), Zhaoheng Chen (Contributing Author)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Samsonite's 2Q26 results were inline as soft regional sales in North America, Middle East, and India were offset by resilient gross margins expanding to 62.0%. The company also announced the acquisition of an 85% stake in lifestyle brand BÉIS for US$178.5mn, and Goldman Sachs maintained a Buy rating with a HK$18.40 target price.
Key Takeaways
- 1.Samsonite reported inline 2Q26 results with local currency net sales declining ~2% yoy due to weakness in Middle East and India, but gross margin expanded positively by 2.9pts yoy to 62% driven by tariff refunds and higher DTC mix.
- 2.Samsonite announced the acquisition of an 85% stake in BÉIS for $178.5mn cash consideration to expand its reach into non-travel lifestyle bag categories targeting younger female consumers.
- 3.Goldman Sachs reiterated a Buy rating on Samsonite with a revised 12-month target price of HK$18.40 (down from HK$18.90), citing attractive undemanding valuation at 9.4x FY26E P/E and dividend/FCF yield support.
Table of Contents
- Samsonite Group (1910.HK)
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- Exhibit 1: Samsonite 2Q26 results summary
- Exhibit 2: Samsonite 2Q26 results summary
- Exhibit 3: BEIS acquisition deal summary
- Exhibit 4: Samsonite historical brand acquisition summary
- Price Target Risks and Methodology - Samsonite International SA
- Investment Thesis
- Disclosure Appendix
Report data
Exhibit 1: Samsonite 2Q26 results summary — as of August 13, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12m Price Target | 18.40 HK$ | Valuation based on 13x FY26E P/E. |
| Gross Margin | 62.0% | Expanded due to US tariff refunds and favorable DTC mix. |
| BÉIS Cash Consideration | 178.5 US$ mn | Acquisition of 85% stake in BÉIS. |
| Adjusted EBITDA | 136 US$ mn | Margin narrowed slightly by -0.4pts yoy to 16.0%. |
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Authors / Editors
Reported Data Context
- 12m Price Target: 18.40 HK$ (12-month) · Source: Goldman Sachs Research
- Gross Margin: 62.0 % (2Q26) · Source: Company data
- BÉIS Cash Consideration: 178.5 US$ mn (Aug 2026) · Source: Company data
- Adjusted EBITDA: 136 US$ mn (2Q26) · Source: Company data
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