BIZ BUZZ: No retail Armageddon here: New fashion brands coming
Despite the slump in global personal luxury goods market this year, specialty retail firm SSI Group Inc. doesn’t plan to slow down the entry of new brands for Pinoy consumers any time soon.
SSI president and CEO Anton Huang himself confirmed to Biz Buzz that they may offer up to seven new brands next year, banking on the Philippines’ consumption-driven economy to fuel growth.
“As long as the economy continues to grow here in the Philippines, that bodes well for consumption … So I remain optimistic,” Huang said on the sidelines of Endeavor Philippines’ recent press conference.
SSI has already confirmed that premium fashion brands Alice + Olivia and Sandro Maje will be available in the country next year, but Huang said they were hoping to bring in another two or three fashion brands next year, as well as up to three new food and beverage brands.
Since last year, SSI has switched back to expansion mode, with its gross selling area expanding by 7.4 percent to 108,678 square meters compared with the contraction seen in the two previous years. This is even as e-commerce has surged in the country, where digital natives have become a powerful consumer segment.
SSI had historically operated more than 100 brands in its portfolio. The number fell slightly below this in the past few years—especially as COVID-19 struck—but is now on track to recover lost ground.
While we were kept on the edge as to what these new brands will be, Huang remained optimistic that their penchant for capturing the Filipino taste will drive growth in the luxury retail sector next year.
“The taste of Filipino consumers continues to evolve and there are always new offerings that come out globally, and we’ve always made it a point to be at the forefront of bringing lifestyle choices to Filipino consumers,” he said.
Any clues on what could be coming to your nearest upscale mall?
