In the battle of Italian luxury brands, Gucci trounced Prada in 2024, delivering over 12 times more profit, according to distributor and joint venture partner SSI Group, controlled by the Tantoco family.
The Tantoco family’s listed SSI Group is starting to consolidate the family’s vast retail network with the purchase of nearly 100 percent of Rustan Marketing Corp., the distributor of footwear, high-end fragrances, and luggage, for P232 million.
The Tantoco family’s SSI Group is pushing expansion in its luxury and casual segments, realigning its operations amid shrinking earnings and changing consumer tastes.
SSI Group, the Tantoco family-led luxury and fast fashion retail giant, saw profits drop by over 27 percent during the first half of the year to P726 million as it ramped up spending on promotions and offered discounts, squeezing profit margins.
The SSI Group, the Tantoco family’s specialty retailer operating international brands such as Balenciaga and Zara, said profits zoomed to a record P27.7 billion last year, a growth of 34 percent.