SSI, Ryohin Keikakyui create joint venture firm to boost MUJI retail business  

January 23, 2017

Stores Specialists Inc., a wholly-owned subsidiary of SSI Group Inc., has entered into an agreement with Ryohin Keikakyui Co. Ltd (RKJ) to form a joint venture company to further develop the MUJI retail business in the Philippines.

SSI Group Inc is a speciality retailer in the Philippines whose president is Anthony Huang and Zenaida Tantoco, chairman.

In a disclosure to the Philippine Stock Exchange Monday, it said Stories Specialists Inc “ 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.”

The disclosure said RKJ 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.”

“RKJ shall provide the joint venture with brand management expertise and retail experience specific to the MUJI brand,” it said.

The disclosure added that “the joint venture with RKJ is expected to strengthen the MUJI brand in the Philippines and enable cost efficiencies.”

Stores Specialists, Inc. will have a 51 percent stake in the joint venture company, with RKJ getting a 49 percent stake.

The joint venture company, which shall own and operate Muji stores in the Philippines, is expected to begin operations on April 1 2017.

The company will be named MUJI Philippines Corp, the disclosure said.

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

“SSI shall invest P89,250,000 for a 51 percent stake in the joint venture company, while RKJ shall invest P85,750,000 for a 49 percent stake, the disclosure added.

The disclosure said profits from the joint venture company “shall be distributed pro-rata to the ownership in the joint venture of each of Stores Specialists, Inc. and RKJ.” DMS