MANILA, Philippines - Tantoco-owned Stores Specialists Inc. (SSI) is setting up a joint venture company with Japanese retailer Ryohin Keikaku Co. Ltd. (RKJ) with an initial investment of P177 million.
The country’s largest specialty store retailer said it will form a joint venture company with RKJ to further develop the MUJI retail business in the Philippines.
SSI said it will invest P89.25 million for a 51 percent stake in the joint venture while RKJ will invest P85.75 million for the remaining 49 percent stake.
The joint venture company is expected to commence operations on April 1, 2017 and shall own and operate MUJI stores in the Philippines.
“The joint venture with RKJ is expected to strengthen the MUJI brand in the Philippines and enable cost efficiencies,” SSI said.
“Any profits from the company shall be distributed pro-rata to the ownership in the company of each of Stores Specialists Inc. and RKJ. Stores Specialists Inc. shall provide the company with operational knowledge and apparel and retail sales expertise specific to the Philippines, while RKJ shall provide the company with brand management expertise and retail experience specific to the MUJI brand,” it added.
As a wholly owned unit of publicly listed SSI Group Inc., Stores Specialists owns and operates specialty retailing boutiques for a range of international brands, including luxury and bridge, casual wear, fast fashion, footwear, luggage and accesories and personal care brands.
RKJ, meanwhile, 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.