The luxury sector is expected to continue its upward trend, fueled by strong consumer spending particularly on high end leather goods, shoes and jewelry.
And the country’s leading luxury retailer, SSI Group of Anton Huang, is sure to benefit from the seemingly insatiable appetite for expensive goods.
SSI Group sustained its strong growth momentum in the third quarter, propelling nine-month earnings to ₱918 million or a reversal of the ₱444.6 million loss incurred last year.
The results for the January-September period had already exceeded 2021 level and pre-COVID numbers, reflecting strong demand for the group’s brands such as Gucci, Saint Laurent, Bottega Veneta, Alexander McQueen, Loewe, Burberry, Ferragamo, Jimmy Choo, Tory Burch, Michael Kors, Kate Spade, Lacoste, Tommy Hilfiger and Calvin Klein Jeans.
For the third quarter, SSI reported a 143 percent jump in profit to P427 million as revenues soared 93 percent to P5.7 billion.
The specialty retailer’s e-commerce business also continued to expand, making up 8.6 percent of total sales.
“As we move into the Christmas season, the group will continue to execute strategies meant to ensure responsiveness to improving market conditions and to capitalize on strong high end discretionary spending.” said Anthony T. Huang, president of SSI.
The group’s luxury and bridge and casual wear categories continued to perform strongly, growing 36.2 percent and 59.4 percent, respectively.
It also saw a significant turnaround in the sales of the fast fashion and footwear, accessories, and luggage categories which posted an increase of 141.7 percent and 89.1 percent, respectively.
SSI ended September with a total of 523 stores nationwide which cover a total of 102,731 square meters.