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Friday, March 29, 2024

SSI bares deal with Japanese company

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Retailer SSI Group Inc. formed a joint venture with Ryohin Keikaku Co. Ltd. of Japan to further develop the MUJI retail business in the Philippines.

SSI said in a disclosure to the stock exchange it would acquire a 51-percent stake in the joint venture, with RKJ holding the balance. The new company will will own and operate MUJI stores in the Philippines.

The new joint venture company to be called MUJI Philippines Corp. is expected to start operations on April 1, 2017.

“The joint venture with RKJ is expected to strengthen the MUJI brand in the Philippines and enable cost efficiencies,” SSI said.

SSI under the agreement will provide the joint venture company with operational knowledge and apparel and retail sales expertise specific to the Philippines, while RKJ will extend brand management expertise and retail experience specific to the MUJI brand.

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SSI will invest P89.25 million for its 51 percent stake in MUJI Philippines while RKJ will spend P85.75 million for its 49 percent interest.

RJK is a Japan based company engaged in the planning, development, procurement, logistics and processing of goods under the brand name MUJI, as well as the operation of MUJI retail stores and the wholesale of MUJI goods to its trade partners.

SSI, meanwhile, owns and operates specialty retailing boutiques for a range of international brands, to include luxury and bridge, casual wear, fast fashion, footwear, luggage and accessories and personal care brands. It is currently the country’s largest specialty store retailer owned by the Tantoco Group.

SSI as of end-September 2016 was operating 720 specialty stores covering more than 141,000 square meters. Its portfolio consisted of 114 brands.

Share price of SSI on Friday fell 1.2 percent to P2.57.

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