Luxury House Prada to Expand in the Philippines via a Joint Venture

With the aim of accelerating its growth and operating efficiencies in the Philippines, Italian luxury fashion brand Prada has entered a joint venture (JV) with retail company SSI Group.

In a disclosure filed on Dec. 14, it was unveiled that Stores Specialists, Inc., a subsidiary of SSI Group, has subscribed to P16,666,666 worth of common shares of the brand, which will operate under the name Prada Philippines.

The disclosure also mentioned that Prada Philippines will be 60% owned by Prada and 40% owned by Stores Specialists. The JV will therefore operate all Prada stores within the country.

SSI adds Prada to its impressive list of luxury brands operating in the country, which includes Paris-headquartered Balenciaga, Swiss brand Bally, Italian label Burberry, American fashion house Coach, and French design label Hermès, among many others.

Earlier this year, Prada also made expansion efforts into the beauty space with the launch of Prada Beauty.

The joint venture is set to begin operations in January next year. To learn more about the partnership, go here.