What: Prada has made a partnership with Philippines’ Store Specialists to expand the brand in the country.

Why it is important: Going direct is not always an option, including for the most powerful brands. This shows that hope remains for department stores if they manage to find the right business model.

The SSI Group in the Philippines has formed a joint venture with the Prada Group through its subsidiary, Stores Specialists, to expand Prada's presence in the country. The initial investment involves PHP16.6 billion ($298.7 million) from SSI Group and PHP25 billion ($448.1 million) from Prada Group, with the total investment eventually reaching PHP152 billion ($2.7 billion) and PHP228 billion ($4 billion) respectively. Prada Group will own 60% of the joint venture, Prada Philippines, with Stores Specialists holding the remaining shares. The venture, set to start operations early next year, aims to accelerate Prada's growth in the Philippines and improve operational efficiencies. SSI Group is known for its portfolio of luxury brands including Balenciaga, Boss, Bottega Veneta, Cartier, Loewe, and Alexander McQueen.

Prada Group forms JV with SSI to expand presence in the Philippines