The Prada Group is expanding its presence in the Philippines with a new joint venture.
Italian luxury fashion company Prada and SSI Group retailer Stores Specialists announced the joint venture ‘Prada Philippines’ on Wednesday. The agreement is expected to accelerate the Italian brand’s growth in the Philippines and increase operational efficiency, the statement said.
Under the agreement, Prada Group will control 60 percent of Prada Philippines, while Stores Specialists will hold 40 percent of the shares. As part of the joint venture, the SSI Group will initially invest 16.6 million Philippine pesos (approximately 273,980 thousand euros) and the Prada Group 25 million Philippine pesos (approximately 410,971 thousand euros) in the new company. Upon completion, SSI’s total investment in ‘Philippines, Inc’ will be 152 million Philippine pesos (approximately 2.5 million euros), while Prada’s total investment will be 228 million Philippine pesos (approximately 3.75 million euros). .
There are currently two existing Prada stores in the Philippines. The new joint venture company will operate these stores as well as all future Prada stores in the Philippines.