Luggage maker is closer to $1.5b IPO

HONG KONG - The Luggage maker Samsonite Group, backed by private equity firm CVC Capital Partners, moved closer to its $1.5 billion Hong Kong initial public offering, setting an indicative range for the deal on Monday, as it bets on booming Asian demand for global consumer brands.

Samsonite will join companies such as L'Occitane Group and luxury brands such as Prada SpA and Coach that have targeted Hong Kong to raise their profile among Asian consumers or tap deep-pocketed investors to fund expansion in the region.

China's steep growth has created a new class of consumers in major cities as well as in the countryside that have snapped up everything from luxury shoes to handbags and jewelry.