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SSI Group, Inc. (SSI), the Tantoco family’s retailer of upscale brands, reported a slight dip in profits to ₱2.51 billion last year from ₱2.58 billion in 2023 as a strong fourth quarter almost made up for weaker earnings earlier in 2024.
In a disclosure to the Philippine Stock Exchange, the firm said it generated revenues of ₱29.9 billion in 2024, an 8.2 percent increase compared to 2023.
SSI Group said it delivered record-breaking results in the fourth quarter of 2024, with quarterly sales reaching an all-time high of ₱9.7 billion, representing an 11.4 percent year-on-year increase.
Fourth quarter net income also rose to an all-time quarterly high of ₱1.2 billion, up 18.4 percent versus the same period in 2023.
“This robust performance was fueled by strong and sustained consumer demand during the holiday season. Strategic initiatives—including delivering consistent, elevated customer experiences and offering a curated assortment of merchandise aligned with evolving customer preferences—played a critical role in driving results,” SSI said.
It added that, “These efforts reaffirmed the strength of discretionary spending toward globally recognized brands situated in prime retail locations.”
E-commerce sales rose 14.4 percent to ₱2.2 billion in 2024, reflecting strong performance across its proprietary and branded platforms and third-party marketplaces.
“Our 2024 results reflect the enduring strength of our brand portfolio and the reach of our store network, which continues to attract discretionary demand and maintain a strong presence in the country’s leading retail hubs,” said SSI Group President Anthony T. Huang.
He noted that, “As we move into 2025, we remain focused on delivering world-class retail experiences and preserving operational flexibility in what may be a year marked by both opportunities and challenges.”
Last month, the Tantoco family decided to combine all its consumer brands under one roof through the acquisition by publicly-listed SSI Group of Rustan Marketing Corporation (RMK) for ₱232.08 million.
SSI said its Board of Directors had approved the acquisition by its wholly-owned subsidiary Stores Specialists, Inc. (SSI) of 99.44 percent of RMK.
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’s acquisition of RMK will allow SSG to become a listed multi-channel distributor of premiere brands in the Philippines.
“The acquisition ensures that SSG 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,” SSI Group said.
Prior to the closing of the transaction, certain selling shareholders of RMK shall infuse a total of ₱232,080,764.00 (acquisition price is ₱232,080,773.00) into RMK as part of the conditions precedent to closing of the transaction.
RMK is one of the country's largest wholesale distributors of renowned global brands with products ranging from fragrances, beauty, fashion, footwear, luggage, to home and lifestyle.
The firm 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.
Today, RMK is 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.
In 2024, RMK’s unaudited revenues, EBITDA and net income were at ₱1.09 billion, ₱111.2 million and ₱44.2 million, respectively.
