SSI enters joint venture with Gucci

ON MAY 17, 2022, Stores Specialists Inc., a 100 percent owned subsidiary of SSI Group Inc. (SSI), entered into a joint venture agreement with G Distribution B.V. (Gucci) for the formation of a joint venture company, Luxury Goods Philippines Inc. (LGPI).

The joint venture between SSI and Gucci further strengthens the cooperation between Gucci and SSI, and is expected to further accelerate the growth of the Gucci brand in the Philippines and enable operating efficiencies, as Gucci and SSI transition from a franchisor-franchisee relationship, to joint venture partners.

LGPI shall be initially capitalized at P350 million, with SSI owning 25 percent of LGPI and Gucci owning the remaining 75 percent. LGPI is expected to commence operations on June 1, 2022, and shall own and operate Gucci stores in the Philippines.

The Board approved the execution of the joint venture agreement on May 17, 2022. (PR)