(Bloomberg) -- Private equity firms are backing away from Samsonite International SA after assessing that it is priced too highly for a buyout, according to people familiar with the situation, clearing the way for a dual listing of the luggage maker.

Early interest from investment funds didn’t match Samsonite’s value expectations, the people said, asking not to be identified because the matter is private. While potential suitors could revive work on a go-private deal, such plans are on hold, the people said.

A representative for Samsonite declined to comment.

Samsonite’s shares extended losses after Bloomberg News reported on the waning buyout interest Tuesday, dropping as much as 5.3%, the most since March 22. The stock’s 12-month gain narrowed to 11%, leaving Samsonite with a market value of about HK$41 billion ($5.2 billion).

The Hong Kong-listed company, which owns American Tourister, Tumi and High Sierra brands, said in March it was is in the early stages of evaluating a second listing to increase liquidity and reach global investors. That followed a preliminary review of potential paths to enhance shareholder value, Chief Executive Officer Kyle Gendreau said. 

People familiar with the matter told Bloomberg at the time that Samsonite was keeping open the possibility of a take-private deal and had received interest from several buyout firms.

Read More: Samsonite Said to Keep Buyout Option Open While Weighing Listing

Funds including Carlyle Group Inc. and KKR & Co. had shown preliminary interest in a potential takeover, people familiar with the matter said. Others such as CVC Capital Partners and China-focused DCP Capital Partners were also considering a deal, the people said.

Looking to attract affluent customers in China, Samsonite went public in Hong Kong in 2011, but consumers have broadly been pulling back on spending due to factors such as the country’s faltering economy, property crisis and high youth unemployment. 

A poorly performing stock market is also prompting companies to reconsider their listings in the Asian financial hub, including skincare company L’Occitane International SA, which is nearing a deal to go private with help from Blackstone Inc., Bloomberg has reported. 

Hong Kong’s Hang Seng Index is down 21% over the past 12 months, making it the worst-performing major global stock gauge over that period. 

--With assistance from Vinicy Chan.

(Updates share price move in fourth paragraph.)

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