Philippines: SSI, RKJ in JV with Japan household goods brand MUJI

Visual from MUJI Philippines Facebook page

Philippine-listed specialty retailer SSI Group Inc (SSI) has signed a joint venture agreement with Japan-based Ryohin Keikaku Co Ltd (RKJ) in a bid to boost the household supplies brand MUJI in the country.

SSI Group’s board of directors approved on January 20 the joint venture between its wholly-owned subsidiary Stores Specialists Inc and RKJ which is expected to launch operations on April 1, 2017.

Dubbed MUJI Philippines Corp, the joint venture company shall own and operate MUJI stores in the Philippines.

Also Read: Philippines: SM Investments’ retail units merger approved

“The joint venture with RKJ is expected to strengthen the MUJI brand in the Philippines and enable cost efficiencies,” SSI Group said in its statement.

Stores Specialists owns and operates specialty retailing boutiques for a range of international brands, to include luxury and bridge, casual wear, fast fashion, footwear, luggage and accesories and personal care brands.

RKJ is engaged in the planning, development, procurement, logistics and processing of goods under the brand name MUJI, as well as the operation of MUJI retail stores and the wholesale of MUJI goods to its trade partners.

Deal sized is pegged at $3.5 million (P175 million), with Store Specialists getting a 51 per cent stake, while RKJ a 49 per cent ownership in the new entity.

Also Read: Indonesia’s Alfamart to expand retail footprint in the Philippines

Store Specialists is investing over P89.2 million, while RKJ is injecting up to P85.7 million for the new MUJI Philippines.

SSI Group noted any profits from MUJI Philippines shall be distributed pro-rata to the ownership in the new entity of each of Stores Specialists and RKJ.

“Stores Specialists Inc shall provide the JVC with operational knowledge and apparel and retail sales expertise specific to the Philippines, while RKJ shall provide the JVC with brand management expertise and retail experience specific to the MUJI brand,” the listed firm added.

SSI Group’s last trading price decreased 1.15 per cent or P0.030 to close at P2.57.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.