Exhibit 10.24

|C L I F F O R D
C H A N C E                               |  | CLIFFORD CHANCE (TOKYO) LPS                           
|--------------------------------------------------------- |  | ------------------------------------------------------
|                                                          |  | GAIKOXUHO JIMUBENGOSHI JIMUSHO TANAKA AKITA & NAKAGAWA
|T A N A K A.
AKITA &
N A K A G A W A                      |  | EXECUTION VERSION                                     
|                                                          |  |                                                       
|                                                          |  |                                                       
|SAMSONITE JAPAN CO., LTD.                                
|AND                                                      
|SAMSONITE CORPORATION                                    
|AND                                                      
|ESY LUGGAGE MANAGEMENT LPS INVESTMENT LIMITED PARTNERSHIP
|                                                         
|                                                         
|                                                         
|SHAREHOLDERS' AGREEMENT                                  
|IN RESPECT OF                                            
|SAMSONITE JAPAN CO., LTD.                                
|                                                         

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CONTENTS

|Clause                                    |                                                |    | Page
|----------------------------------------- | ---------------------------------------------- | -- | ----
|1.                                        | Interpretation                                 |    | 1   
|2.                                        | Business                                       |    | 5   
|3.                                        | Board Of Directors; Statutory Auditors         |    | 5   
|4.                                        | Business Plan                                  |    | 7   
|5.                                        | Incentive Bonus                                |    | 7   
|6.                                        | Access To Information                          |    | 8   
|7.                                        | Capital Requirements And New Share Issuances   |    | 8   
|8.                                        | Permitted Transfers                            |    | 8   
|9.                                        | Dealing In Shares                              |    | 9   
|10.                                       | Right Of First Refusal                         |    | 9   
|11.                                       | Term And Termination                           |    | 10  
|12.                                       | Exit: Samsonite Call Option And ESY Put Option |    | 10  
|13.                                       | Termination Events                             |    | 11  
|14.                                       | Minority Shares Purchase Price                 |    | 11  
|15.                                       | Representations And Warranties                 |    | 12  
|16.                                       | Confidentiality                                |    | 12  
|17.                                       | Financial Accounting                           |    | 13  
|18.                                       | Designation Of Independent Auditor             |    | 13  
|19.                                       | Supremacy Of This Agreement                    |    | 13  
|20.                                       | Costs                                          |    | 13  
|21.                                       | Announcements And Press Releases               |    | 14  
|22.                                       | Release And Indulgence                         |    | 14  
|23.                                       | Remedies                                       |    | 14  
|24.                                       | Continuing Effect Of Agreement                 |    | 14  
|25.                                       | Assignment                                     |    | 14  
|26.                                       | Further Acts                                   |    | 14  
|27.                                       | Time Of Essence                                |    | 14  
|28.                                       | Amendments And No Waiver                       |    | 14  
|29.                                       | Entire Agreement                               |    | 15  
|30.                                       | No Solicitation                                |    | 15  
|31.                                       | Rights Of Third Parties                        |    | 15  
|32.                                       | Notices                                        |    | 15  
|33.                                       | Governing Law And Arbitration                  |    | 16  
|34.                                       | Governing Language                             |    | 16  
|35.                                       | Counterparts                                   |    | 17  
|SCHEDULE 1    Initial Business Plan       |                                                | 19
|SCHEDYLE 2    Form Of Accession Agreement |                                                | 20
|SCHEDULE 3    Costs Sharing Agreement     |                                                | 21

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THIS AGREEMENT(this"Agreement")is entered into as of 27 January 2005 (the "Effective
Date")

BETWEEN:

WHEREAS

THE PARTIES AGREEas follows:



1

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2

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3

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Term

Clause"Accession Agreement"

7.5"Accounting Firm"

1.1"Appraiser"

1 .1"Business Plan"

4"CEO"

3.5.2"Confidential Information"

16 1"COO"

3.5.3"Costs Sharing Agreement"

20"Disclosing Party"

16.1"EBITDA"

4"Group Shares"

8.2"Incentive Bonus"

5.1"ESY Pat Option"

12.1"Minority Shares"

12.1"New Shares"

7.2"Notice"

32"Option"

12.1"Original Transferor"

8.2"Other Shareholder"

10.1"Professional Firm"

1.1"Receiving Party"

16.1"Rules"

33.3"Sale Shares"

10.1"Samsonite Call Option"

12.1"Termination Event"

13.1"Transferee"

8.3"Transfer Offer"

10.1"U.S. GAAP"

17"Working Capital Ratio"

4




4

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2.     BUSINESS



3.     BOARD OF DIRECTORS; STATUTORY AUDITORS



5

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6

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4.     BUSINESS PLAN



5.     INCENTIVE BONUS



Fiscal Year
2005
(from the Subscription Date
through 31 December 2005)

Fiscal Year
2006

Fiscal Year
2007Net Outside Sales:

1/3

30
%
25
%EBITDA:

1/3

35
%
40
%Working Capital Ratio:

1/3

35
%
35
%




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6.     ACCESS TO INFORMATION



7.     CAPITAL REQUIREMENTS AND NEW SHARE ISSUANCES



8.     PERMITTED TRANSFERS



8

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9.     DEALING IN SHARES



10.   RIGHT OF FIRST REFUSAL



9

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11.   TERM AND TERMINATION



12.   EXIT: SAMSONITE CALL OPTION AND ESY PUT OPTION



10

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13.   TERMINATION EVENTS



14.   MINORITY SHARES PURCHASE PRICE



11

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15.   REPRESENTATIONS AND WARRANTIES



16.   CONFIDENTIALITY



12

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17.   FINANCIAL ACCOUNTING



18.   DESIGNATION OF INDEPENDENT AUDITOR



19.   SUPREMACY OF THIS AGREEMENT



20.   COSTS



13

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21.   ANNOUNCEMENTS AND PRESS RELEASES



22.   RELEASE AND INDULGENCE



23.   REMEDIES



24.   CONTINUING EFFECT OF AGREEMENT



25.   ASSIGNMENT



26.   FURTHER ACTS



27.   TIME OF ESSENCE



28.   AMENDMENTS AND NO WAIVER



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29.   ENTIRE AGREEMENT



30.   NO SOLICITATION



31.   RIGHTS OF THIRD PARTIES



32.   NOTICES



15

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Samsonite Japan Co., Ltd.

Akasaka Edosei Bldg., 4F
7-10-8 Akasaka, Minato-ku
Tokyo 107-0052, Japan
Fax No.: (81)-3-5545-6771Attention:

Jun MorimotoSamsonite Corporation:

11200 East Forty-Fifth Ave.
Denver, CO 80239
United States of America
Fax No.: (l)-303-373-6406Attention:

Vice PresidentLegalESY Luggage Management LPS
Investment Limited Partnership:

Marunouchi Mitsui Bldg.,
2-2-2, Marunouchi
Chiyoda-ku, Tokyo 100-0005, Japan
Fax No.: (81)-3-5220-1267Attention:

Yumiko Kawaguchi


33.   GOVERNING LAW AND ARBITRATION



34.   GOVERNING LANGUAGE



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35.   COUNTERPARTS



[Remainder of page left intentionally blank]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

|Samsonite Japan Co., Ltd.                                                                                                                         |  | 
|------------------------------------------------------------------------------------------------------------------------------------------------- |  | 
|/s/JUN MORIMOTOName: Jun Morimoto
Title: Representative Director and Chief Executive Officer                                                      |  | 
|Samsonite Corporation                                                                                                                             |  | 
|/s/MARCELLO BOTTOLIName: Marcello Bottoli
Title: Chief Executive Officer                                                                          |  | 
|ESY Luggage Management LPS Investment Limited Partnership                                                                                         |  | 
|/s/YUMIKO KAWAGUCHIName: Yumiko Kawaguchi
Title: General Partner                                                                                  |  | 
|ETERNAL and ES hereby agree to jointly and severally guarantee, without limitation, all of the obligations of ESY as set forth in this Agreement:
|ETERNAL ENTERPRISE CORPORATION                                                                                                                    |  | 
|/s/KENTARO ODAGINName: Kentaro Odagin
Title: Vice President and Chief Operating Officer                                                           |  | 
|ES Partnership Investment Limited Partnership                                                                                                     |  | 
|/s/MASAEI HAYASHIName: Masaei Hayashi
Title: General Partner                                                                                      |  | 

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SCHEDULE 1    INITIAL BUSINESS PLAN

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SCHEDULE 2    FORM OF ACCESSION AGREEMENT    ACCESSION AGREEMENT

This
accession agreement (this"Accession Agreement") forms part of the Shareholders' Agreement dated [O] 2005 originally made
between Samsonite Japan Co., Ltd., Samsonite Corporation and ESY Luggage Management LPS Investment Limited Partnership (the "Shareholders' Agreement"), as amended from time to time. Terms
defined in the Shareholders' Agreement shall have the meanings given to them in that agreement when used in this Accession Agreement.

The
undersigned hereby:

IN
WITNESS OF WHICH the undersigned has executed this Accession Agreement.

| |  | By: | [a duly authorized representative of [  ]
| |  | --- | -----------------------------------------

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SCHEDULE 3    CONSTS SHARING AGREEMENT

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