Market setback for Samsonite

Samsonite International, the world's biggest luggage maker, fell 7.7 per cent in its debut on the Hong Kong Stock Exchange yesterday, underscoring tepid investor appetite for initial public offerings as global markets struggle.

Samsonite's slump is the latest in a string of weak Hong Kong IPO performances as China's growth shows signs of weakening. It bodes ill for the impending Hong Kong share sale of Italian fashion house Prada, which yesterday cut its IPO's total size to a maximum of $2.3bn from $2.6bn .

Samonsite International saw its shares close at HK$13.38 (£1.06) and trade as low as HK$12.96. It had priced its offer at HK$14.50 a share, the bottom of a revised range.