BIZ BUZZ: No retail Armageddon here: New fashion brands coming

Despite the slump in global personal luxury goods market this year, specialty retail firm SSI Group Inc. doesn’t plan to slow down the entry of new brands for Filipino consumers any time soon.

SSI president and CEO Anton Huang himself confirmed to Biz Buzz that they may offer up to seven new brands next year, banking on the Philippines’ consumption-driven economy to fuel growth.

“As long as the economy continues to grow here in the Philippines, that bodes well for consumption … So I remain optimistic,” Huang said on the sidelines of Endeavor Philippines’ recent press conference.

READ: SSI Group’s 2023 profit hits P2.58B

SSI has already confirmed that premium fashion brands Alice + Olivia and Sandro Maje will be available in the country next year, but Huang said they were hoping to bring in another two or three fashion brands next year, as well as up to three new food and beverage brands.

Since last year, SSI has switched back to expansion mode, with its gross selling area expanding by 7.4 percent to 108,678 square meters compared with the contraction seen in the two previous years. This is even as e-commerce has surged in the country, where digital natives have become a powerful consumer segment.

SSI had historically operated more than 100 brands in its portfolio. The number fell slightly below this in the past few years—especially as COVID-19 struck—but is now on track to recover lost ground.

While we were kept on the edge as to what these new brands will be, Huang remained optimistic that their penchant for capturing the Filipino taste will drive growth in the luxury retail sector next year.

“The taste of Filipino consumers continues to evolve and there are always new offerings that come out globally, and we’ve always made it a point to be at the forefront of bringing lifestyle choices to Filipino consumers,” he said.

Any clues on what could be coming to your nearest upscale mall? —Meg J. Adonis

3rd batch of Spanish Golden Visa recipients

The sale of Hotel101-Madrid units appears to be smooth flowing as DoubleDragon (DD) Corp. welcomed its third batch of Golden Visa grantees. And the joint venture of tycoons Edgar Sia II and Tony Tan Caktiong sees no sign of a slowdown.

Now that DD has built momentum, it expects that the succeeding Golden Visa issuances will “just flow consistently … every few weeks,” especially because Hotel101 has proven that it is a “highly suitable” investment.

READ: BIZ BUZZ: That golden ticket to Spain

A Golden Visa for Spain is issued to non-European citizens who has made substantial investment in the country, like acquiring properties worth 500,000 euro. Purchasing three Hotel101-Madrid units qualifies the buyer for this visa, seen suitable for moneyed people who’d like to frequent the Old World.

The Madrid venture, designed to house 680 rooms, is targeted to be completed by the end of next year.

DD also broke ground for a 482-room Hotel101-Niseko in Hokkaido, Japan last year. —Tyrone Jasper C. Piad

Word war in sugarlandia

The heated exchange among industry stakeholders is taking a turn for the worse.

Sugar farmers from Luzon and Mindanao are rallying behind the Department of Agriculture (DA) and the Sugar Regulatory Administration (SRA), which suspended any sugar importation decision until mid-2025 to get a clearer picture of the situation on the ground.

“Rest assured, we stand ready to support and collaborate in any initiatives that further strengthen our agriculture industry,” Sugarcane Growers Association of Bukidnon Inc. (Sgabi) president Manuel Antonio Zubiri said.

The manifesto of support was read during the 23rd Joint Annual General Assembly of Sgabi and the Sugarcane Farmers of Bukidnon Multi-Purpose Cooperative (SFBMPC) held in Bukidnon.

This faction took heart from the government’s assurance about the stability of sugar supply and the commencement of the harvest season.

Somewhere in Batangas, on the other hand, the Luzon Federation of Sugarcane Growers Inc. (Luzonfed) banded together to show their support during the assembly of the Batangas Integrated Sugar Planters Multi-Purpose Cooperative.

Luzonfed said the decision to hold off importation provides “significant relief” to local farmers who have been grappling with the “negative impact of excessive imports” on local pricing and the challenges imposed by weather disturbances including the El Niño phenomenon.

“By postponing imports until mid-2025, farmers can optimize their harvests and foster a more sustainable local industry,” Luzonfed president Cornelio Toreja said.

Over the weekend, the Sugar Council and the National Congress of Unions in the Sugar Industry (Nacusip) reiterated “there is no malice” in their last statement seeking explanation from the SRA on the steady drop in sugar prices in the last few weeks despite the declining demand.

“As the government regulating agency on sugar, the SRA is mandated to answer truthfully the concerns and issues raised by industry stakeholders. To ask for an explanation, therefore, should not be deemed malicious,” both groups said in a joint statement.

What’s malicious, the Sugar Council and the Nacusip pointed out, was selective data presentation. They lamented the declaration of no further importation without disclosing imports that have already arrived and will soon come.

With the bickering far from over, grab some popcorn while waiting for these factions to sort things out. —Jordeene B. Lagare INQ