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Philippine luxury retailer eyes record sales on revenge spending

SSI Group sells brands from Armani to Zara but fears inflation, recession

SSI Group, the Philippines' largest retailer of luxury brands, is headed for a banner year as consumers free of pandemic restrictions resume shopping. (Photo by Yuichi Shiga)

MANILA -- The Philippines' largest retailer of luxury brands like Hermes and fast-fashion labels such as Zara is poised for record sales and profit this year, its president told Nikkei Asia, as shopping-starved Filipinos splashed out on fashion when the economy reopened from pandemic restrictions.

But SSI Group is just "cautiously optimistic" for 2023, as stubbornly high inflation threatens to increase expenses while a possible recession overseas could be problematic for its inventory, company President Anthony Huang said in an interview last week.

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