SSI Group, Inc. subsidiary Store Specialists, Inc. announced on Wednesday the creation of a joint venture company with G Distribution B.V. (Gucci), seen to strengthen the profile of Gucci in the Philippines.
In a disclosure to the Philippine Stock Exchange, SSI Group said the joint venture company, Luxury Goods Philippines, Inc. (LGPI), will start operations on June 1 and is set to own and operate all Gucci stores around the country.
SSI Group’s board approved the joint venture on Tuesday.
“The joint venture between SSI and Gucci further strengthens the cooperation between Gucci and SSI, and is expected to further accelerate 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,” SSI Group said in a statement.
G Distribution BV is a Netherlands-based company owned by French luxury retail corporation Kering, which owns Gucci.
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