Stores Specialists, Inc., a wholly-owned subsidiary of listed SSI Group Inc., has taken a 40 percent stake in PRADA Philippines Inc., a joint venture company that will own and operate PRADA stores in the Philippines.
Luxury brand PRADA S.p.A will own 60 percent of the joint venture company, a stake initially worth P25 million, whilet Store Specialists’ 40 percent stake in the joint venture is worth P16.7 million. At completion SSI’s total investment in the joint venture company will be P152 million while PRADA’s total investment will rise to P228 million.
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, SSI said.
The joint venture shall operate existing and any future PRADA stores in the Philippines.
