Agreement for Joint Venture in the Philippines
On this day of January 20, Ryohin Keikaku Co., Ltd. (Tokyo, Japan; Satoru Matsuzaki, President & Representative Director; hereafter RKJ) has announced the signing of an agreement with Stores Specialists Inc.* (hereafter SSI) to form a joint venture for further development of MUJI retail business in Republic of the Philippines.
*a member of the Rustan's Group of Companies and the exclusive franchisee of some of the finest international brands in fashion and lifestyle.
Purpose
Republic of the Philippines is experiencing a remarkable market growth. It has the second largest population in ASEAN countries (ca. 110 million), in which over 50% is aged 24 years or below. Both real GDP and GDP per person are showing over 6% growth rate in average.
RKJ entered into a licensing agreement with SSI in 2010. Since then RKJ has granted SSI to sell MUJI products exclusively in the Philippines. As of today 7 MUJI retail outlets are run by SSI and are popular with various customers.
By creating a joint venture with SSI, RKJ aims to build a stronger presence in one of the most important markets in West, South Asia & Oceania region.
About Joint Venture
- Name:
- MUJI PHILIPPINES CORP.
- Headquarters:
- Manila, Philippines
- Representative:
- Katsutoshi Suzuki
- Capital:
- 3 million USD
- Ownership:
- RKJ 49%, SSI 51%
- Establishment:
- March, 2017 (plan)
About Stores Specialists Inc.
- Headquarters:
- Manila, Philippines
- President:
- Anthony T. Huang
- Business:
- A retailor and a franchisee of international brands in fashion and lifestyle
- Capital:
- 3,300 million PHP (ca 7,900 million JPY* as of fiscal year 2015）
*1 PHP = 2.39 JPY - Establishment:
- 1987
PR Department, PR & IR & ESG Division
RYOHIN KEIKAKU CO., LTD.
Tokyo, JAPAN
