SSI Group has formed a joint venture with Prada Group through its subsidiary Stores Specialists, with the luxury retailer looking to expand the Italian firm’s presence in the Philippines.
The joint venture, named “Prada Philippines,” will see initial investments of PHP 16.6 billion and PHP 25 billion from SSI Group and Prada Group, respectively. Upon completion, the total investment in Prada Philippines would be PHP 152 billion and PHP 228 billion.
Prada Group and Stores Specialists will own 60% and 40% of Prada Philippines, respectively, under the terms of the arrangement. According to a filing on the Philippine Stock Exchange, the joint venture would start in early 2024.
“The joint venture is expected to accelerate the growth of the Prada brand in the Philippines and enable operating efficiencies, as SSI and Prada transition from a franchisee-franchisor relationship to joint venture partners,” the company said in a statement.
Based in the Philippines, SSI Group currently operates a portfolio of luxury brands in the Asian market including Balenciaga, Boss, Bottega Veneta, Cartier, Loewe and Alexander McQueen.
