SSI enters JV to grow prada stores in Philippines

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Business.(Business File photo)

SPECIALTY retail store Stores Specialists Inc. (SSI) has subscribed to 16,666,666 common shares of Prada Philippines Inc. at a par value of P1/share.

Prada Philippines Inc. (the JVco) is a newly formed joint venture company owned 60 percent by Prada S.p.A and 40 percent owned by SSI. The JVco shall own and operate Prada stores in the Philippines.

The JVco is expected to commence operations on Jan. 1, 2024 and 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.

SSI’s initial investment is P16,666,666, while Prada’s initial investment is P25,000,000. At completion, SSI’s total investment in the JVco will be P152,000,000, while Prada’s total investment in the JVco will be P228,000,000.

The JVco profits shall be distributed pro-rata between SSI and Prada S.p.A. The JVco shall operate existing and any future Prada stores in the Philippines.

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