Luxury goods retailer SSI Group Inc. said it has partnered with Italian fashion brand Gucci to expand the reach of the brand in the Philippines.
SSI said its unit Stores Specialists Inc. entered into a joint venture agreement with G Distribution B.V. (Gucci), a unit of French luxury retailer Kering which owns Gucci for the initiative.
The joint venture company, Luxury Goods Philippines Inc. (LGPI), will be responsible for accelerating the growth of the Gucci brand in the Philippines and enable operating efficiencies, as Gucci and SSI transition from a franchisor-franchisee relationship, to joint venture partners.
LGPI shall be initially capitalized at P350 million, with SSI owning 25 percent of LGPI and Gucci owning the remaining 75 percent.
LGPI is expected to commence operations in June this year, and shall own and operate Gucci stores in the Philippines.
