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Richmond Mercurio - The Philippine Star
March 30, 2025 | 12:00am
In a stock exchange filing, SSI said its board has approved the acquisition by its wholly owned subsidiary Stores Specialists Inc. of 99.44 percent of Rustan Marketing Corp. (RMK) for P232 million.
STAR / File
MANILA, Philippines — Listed specialty retailer SSI Group Inc. is bolstering its presence in the country’s retail space by bringing the Tantoco family’s wholesale distributor of renowned global brands under its umbrella.
In a stock exchange filing, SSI said its board has approved the acquisition by its wholly owned subsidiary Stores Specialists Inc. of 99.44 percent of Rustan Marketing Corp. (RMK) for P232 million.
RMK, which is owned by members of the Tantoco family, is one of the country’s largest wholesale distributor of renowned global brands with products ranging from fragrances, beauty, fashion, footwear, luggage, home and lifestyle.
The company was established in 1964 and is key to the successful market entry of numerous brands and the subsequent expansion of their business into major cities nationwide.
SSI said the acquisition by Stores Specialists of RMK from the selling shareholders was reviewed and approved by the company’s related party transactions committee in accordance with the manual of corporate governance and material related party transactions policy.
The company said that certain selling shareholders of RMK would infuse a total of P232 million into RMK as part of the conditions precedent to closing of the transaction.
The acquisition of RMK by Stores Specialists will allow SSI to become a listed multi-channel distributor of premiere brands in the country.
“The acquisition ensures that SSI is able to offer its brand partners distribution across a spectrum of retail channels, from specialty stores to wholesale distribution through third party department stores and supermarkets,” the company said.
RMK is currently a fully integrated, multi-channel, wholesale distribution company, with a network of more than 1,300 wholesale and retail outlets and a presence on all major e-commerce platforms.
RMK is the exclusive wholesale distributor of brands such as Samsonite, American Tourister, Tefal Cookware, Lacoste Fragrances, Maison Margiela Fragrances, Spanx, Nuxe Skincare, OPI Nail Polish and Nine West Footwear.
SSI, on its end, is specialty retailer with 96 brands in its portfolio as of end-September 2024.
The group’s store network included 565 stores nationwide, which cover a total of approximately 111,816 square meters.
SSI’s brand portfolio covers various categories such as luxury, casual, fast fashion, footwear, accessories and luggage as well as home furnishings and accessories, interior design items, food and personal care.
