Tantoco-led SSI Group Inc. sees a positive momentum in the historically busy fourth quarter for the luxury retail sector amid “muted” global consumption and the exit of Philippine offshore gaming operators (Pogos), especially after adding a new high-end chocolate brand to its portfolio. SSI president and CEO Anton Huang said in an interview on Monday that poor weather in the third quarter slightly impacted the retail sector as a whole, although demand was “definitely stronger than the first half.
” “For the fourth quarter, we’re cautiously optimistic but the reality is consumption [and] spending are somewhat muted,” Huang said. “But that’s a global phenomenon ..
. The good thing about retailers in the Philippines is we’ve always been forced to focus on the domestic customers,” the CEO noted, adding that the government’s ban on Pogos had no significant impact on their business. According to Huang, Pogo customers preferred “certain brands,” and that they “made up a big portion of sales.
” He did not disclose the exact figure. “But for the majority of the brands, that wasn’t the case,” he said. SSI, the local operator of several premium international clothing brands such as Lacoste, Gap, Marks and Spencer, Zara and Old Navy, saw its earnings in the first nine months of the year slip by 17.
3 percent to P1.26 billion. This was due to a 16.
2-percent decline in sales of footwear, accessories and luggage, its financial report showed. Still, Huang po.
