Philippines’ SSI ramps up network

The Philippines’ luxury retailer SSI Group targets more than 900 stores by 2015.

The Tantoco-led company, which operates more than 100 retail brands including Gucci, Prada and Hermes, plans to roll out more than 200 stores between now and the end of 2015, adding to its existing 655.

It will also add more brands to its portfolio to satisfy Filipinos’ growing appetite for luxury products.

It is looking to launch an IPO in November to raise as much as 12.4 billion pesos ($283.6 million) to support its expansion plan and will open 188 new stores this year and another 115 next year.

“We intend to capitalise on our strong brand portfolio and market leadership in the specialty retailing industry by further increasing our market penetration through an aggressive yet systematic store expansion strategy,” the company said.

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