Prada Group inks new joint venture for the Philippines

SSI Group has formed a joint venture with Prada Group through its subsidiary Stores Specialists, with the luxury retailer looking to expand the Italian firm’s presence in the Philippines. 

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Dubbed ‘Prada Philippines’, the new venture will see SSI Group and Prada Group initially invest PHP 16.6 billion (USD 298.7 million) and PHP 25 billion in the joint venture, respectively, before raising the total investment in Prada Philippines to PHP 152 billion and PHP 228 billion at completion. 

Under the agreement, Prada Group will own 60% of Prada Philippines, while Stores Specialists will own 40%. The joint venture will commence from the beginning of 2024, according to a filing on the Philippine Stock Exchange.

“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,” the company said in a statement. 

Based in the Philippines, SSI Group currently operates a portfolio of luxury brands in the Asian market including Balenciaga, Boss, Bottega Veneta, Cartier, Loewe and Alexander McQueen. 

The Prada Group brands include Prada, Miu Miu and Church’s, among others.