The SSI Group—Distributor of Hermès, Lacoste, and More in the Philippines—Returns to Pre-Pandemic Profit

Store Specialists Inc., the Philippine distributor of luxury brands such as Hermes, Prada, and Lacoste, said Tuesday its first results exceeded pre-pandemic levels, underscoring the sector's rebound from COVID-19.

Net income of P491 million in the six months ended June was 383% higher year-on year, and 42% higher compared to the same period in 2019. Sales and gross profit margins also exceed pre-COVID levels, SSI told the stock exchange.

More: Economic Growth Slows to 7.4% in Second Quarter

Brands under SSI in the Philippines also include Banana Republic, Boss, Burberry, Clinique, Givenchy, Jo Malone, Jimmy Choo, Ma, MUJI, Prada, Samsonite, Shake Shack, Swarovski, and Zara.

The results reflect "strong consumer demand for the Group’s brands and continue to highlight the resilience of SSI’s core customer base and brand portfolio," the company said.

Sales on SSI's online shopping platforms grew 19%, accounting for 8.2% of the group's total, it said.

From: Reportr World