Prada Philippines: SSI Group Forms Joint Venture Company with the Prada Group

Get ready for more Prada in the Philippines. 

Stores Specialist Inc. is forming a joint venture with Italy’s Prada Group to own and operate the retail stores of the luxury brand Prada in the country. Prada Philippines will be 60 percent owned by Prada S.p.A., which is investing an initial P25 million, and 40 percent owned by SSI, which is contributing an initial P16.666 million.

However, at completion, SSI’s total investment in Prada Philippines will be P152 million, with Prada contributing a total of P228 million.

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There are currently two existing Prada stores in the Philippines—one in Greenbelt 4 and the other at Solaire Resort and Casino. This new joint venture company will end up owning and operating these stores as well as any future Prada stores in the country.

Prada Philippines will commence operations on January 1, 2024. 

SSI is a unit of the SSI Group, which was founded by the Tantoco family.

Founded in Milan in 1913, Prada is a luxury Italian brand that offers men’s and women’s leather goods, ready-to-wear and footwear, eyewear, and fragrance. The brand is part of the Prada Group, which includes Miu Miu, Church’s and Car Shoe. It also operates in the food sector with Marchesi 1824.

For the first nine months of 2023, SSI reported revenues of P18.9 billion and net income of P1.5 billion, up from P15.7 billion and P918 million during the same period last year.

According to Statista, as of 2022, Prada operated a total of 638 owned and franchised stores globally.