Tantoco-led luxury retailer SSI marks sees record profit in 2023

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.

SSI Group president Anthony Huang

During the fourth quarter alone, net income hit an all-time high of P1.1 billion. 

This exceptional performance is credited to the group's strategic brand mix and robust consumer spending on international fashion and dining.

“Within the normalizing operating environment of the last quarter of 2023, the Group saw significant sales growth and gross margin expansion,” SSI Group president Anthony Huang said in a stock exchange filing on Monday.

“I believe that the optimized expense base that we benefit from, coupled with the compelling brand portfolio we make available to consumers, will continue to drive growth and profitability in 2024,” he added. 

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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