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

Under the agreement, SSI Group and Prada Group will initially invest PHP16.6 billion (US$298.7 million) and PHP25 billion ($448.1 million) in the joint venture respectively, before raising the total investment in Prada Philippines to PHP152 billion ($2.7 billion) and PHP228 billion ($4 billion) at completion. 

Prada Group will own 60 per cent of Prada Philippines while Stores Specialists will own the remaining shares. The joint venture is expected to start operations in the beginning of next year. 

“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. 

Established in the 1980s, SSI Group’s portfolio of luxury brands in the Philippines includes Balenciaga, Boss, Bottega Veneta, Cartier, Loewe and Alexander McQueen. 

Further reading, Prada looks to double China business in the medium term.