Prada joins with SSI Group for expansion in the Philippines

The joint venture will take charge of the opening and management of Philippine Prada stores.

Iconic fashion brand Prada S.p.A has formed a joint venture company – PRADA Philippines, Inc. (JVco) – with Philippine-based luxury retailer Stores Specialists, Inc. (SSI).

Prada will own 60% of the joint company assets, while SSI Group will hold 40%, subscribing to 16,666,666 common shares of Prada Philippines, Inc. (JVco).

The board has approved the joint venture agreement on 14 December 2023. Once investments are completed, SSI’s assets towards Prada Philippines will be at US$2.72m (P152m), and Prada’s investment at US$4.08m (P228m).

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Prada aims to leverage its growth in the Philippine market and allow its operating entities to transition from a franchisee-franchisor relationship to joint venture partners.

Prada will start its operations on 1 January 2024, opening and managing its lineup of stores in the Philippines.