Samsonite sales decline in India due to competition

Samsonite's sales in India have fallen due to strong competition and aggressive discounting by rivals VIP and Safari. The company's Asian performance declined by 3.6%, largely driven by challenges in the Indian market. VIP and Safari have also reported revenue drops, with VIP's managing director noting that online platforms are offering steep discounts, impacting the market. Both companies are facing difficulties, with Safari's profit down 27% and VIP reporting a net loss. New brands like Mokobara, Assembly, and Uppercase are increasing competition by offering discounts. This has contributed to a slowdown in India's travel market and reduced consumer spending on luggage.