Speck acquired by Samsonite for $85 million

Nate Swanner - May 29, 2014
Speck acquired by Samsonite for $85 million

Samsonite, maker of robust luggage meant to be used and abused, has acquired Speck. The luggage company is purchasing the mobile device case maker for $85 million, and hopes to capitalize on the $2.3 billion case market. On a downturn of late, Speck may have seen their valuation dip just a touch, making them prime for the acquisition.

Tom Korbas, President of Samsonite America, told Re/Code “The acquisition offers Samsonite the opportunity to participate in the large and growing smartphone-case market, which in the U.S. alone is estimated to be worth $2.3 billion, as well as in the tablet-case market, where Speck is also a leader”. Speck recently saw their business efforts suffer at a time when 3D printed cases and market saturation have taken hold.

The case maker, who concentrate on iOS and Mac devices, are considered leaders in their field. They’ve recently branched out a great deal, encompassing many Android devices like the Galaxy lineup from Samsung and newer Google devices like the Nexus 5 and Nexus 7 (2013).

Speck says efforts to restructure are already underway, and having the support of Samsonite can’t hurt. It’s Samsonite’s first foray into the world beyond luggage, and could be as much for IP as it is to broaden their portfolio.

Source: Re/Code

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