Samsonite International, the international luggage giant, which already purchased High Sierra two years ago, has signed a definitive agreement to buy Gregory Mountain Products, a more technical and outdoor-oriented brand of backpacks, from Black Diamond Inc. Somewhat like Eastpak and JanSport, which are both owned by VF Corporation, the two brands are complementary, but they are positioned in higher segments of the market. While High Sierra focuses on the medium segment and is stronger in daypacks and similar products for a young consumer target, Gregory is regarded as a more premium brand for hiking and trekking. The transaction, which is described as an asset deal, is subject to customary conditions and is expected to close in late July. Samsonite is paying $85 million in cash for Gregory, a subsidiary of Black Diamond Inc. that is reportedly generating high profit margins.

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