FASHION RESURGENCE: SSI HITS RECORD-HIGH EARNINGS

Tantoco family-led specialty retailer SSI Group Inc. ended 2023 with an all-time high of P2.58 billion in earnings as consumer spending on international fashion brands continued to rebound postpandemic.

SSI on Monday said its net income last year surged 34 percent, while revenues rose by 16.6 percent to P27.7 billion.

In the fourth quarter— considered the most conThe sumption-heavy season due to Christmas shopping—the company booked P1.1 billion in earnings, up by 4.1 percent. This accounted for nearly half of SSI’s full-year income.

SSI is the local operator of several international clothing brands, including Lacoste, Gap, Marks and Spencer, Zara and Old Navy.

Sales from its e-commerce websites, as well as those of third-party marketplaces, stood at P1.9 billion, accounting for 7 percent of total revenues.

“Our record full year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on world-class customer experiences,” SSI president Anthony Huang said in a statement.

“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base and a strong cash position,” he added.

SSI in 2020 launched digital platform Trunc.ph to broaden the distribution of global luxury brands, including Gucci and Michael Kors, in the Philippines, riding on the booming e-commerce industry amid the pandemic.