2025 in Review: A Note from Our CEO

A few words from Maya Hall, CEO

As we enter 2026 after an unpredictable 2025, the world and our industry have now accepted uncertainty as part of our normality. The geopolitical and economical disruptions we have experienced have toughened us up in our strategy and pragmatism to achieve growth.

The agility and adaptability our licensees have shown in the face of the trade war are a testament to their experience and resilience. While our licensed lock manufacturers remain primary in China, we have now licensed lock factories in Vietnam and in Thailand and more are in consideration in 2026 for a strengthened supply chain for our distributors.

2025 also showed that our industry is evolving with more technology and innovation implemented. Most factories in China are investing in new equipment, automation and sustainability at lock manufacturer level, with this happening in India too now - but also seen globally at luggage manufacturer level. Our company trip to Indonesia substantiated the importance of emerging markets for our business, not only as manufacturing hubs but as consumer markets. This is why we intend to build upon the India safari industries campaign.

The acceleration and increase in brand promotion and brand protection in the past years is really paying off. With outstanding premium campaigns, more online and offline presence, and new original research we are raising brand awareness and salience to new levels.

While less talked about, the legal success that was achieved in civil and criminal courts as well as protecting consumers from counterfeits in partnership with customs and border control around the world demonstrated the strength of our brand. 2026 will not be straightforward. We expect the price impact of the tariff war to really start to show but we also know that the need for travel escapism will not go away in this uncertain world. This is why we are not surprised that IATA forecast 4.9% growth for 2026. We also know that the luggage bought as part of revenge travel will start needing replacement and should offer the whole industry the growth they have been waiting for.

As we approach Spring Festival and a well-deserved rest and celebration for our Asian team and partners, I would like to thank our licensees for their commitment to quality, innovation and growth as well as offer a message of support, collaboration and success for 2026 to the lock and travel goods industry. We have exciting initiatives set out for this year that will continue to bring added value to our ecosystem. Watch this space.