Penshoppe eyes 25 new stores abroad
MANILA, Philippines - Filipino fashion retailer Golden ABC Inc. is expanding it business by opening more new stores locally and overseas this year.
“I am very excited about our international expansion. We are looking at about 25 stores abroad,” Golden ABC Inc. chief executive officer Bernie Liu told reporters in a chance interview noting that all new stores to be set up overseas are for the Penshoppe brand.
The firm is looking at opening five to 10 more stores in the Middle East and about 10 stores in Indonesia.
Liu said the firm will also be entering a new market this year, as it is slated to set up in Phnom Penh, Cambodia.
“Store investment is going to be done by our partner,” Liu said.
The firm currently has presence in markets such as Bahrain, Saudi Arabia, United Arab Emirates and Indonesia.
“For domestic (expansion), we are targeting 25 (stores) as well,” Liu said, noting that such would require about P200 million worth of investment.
The locations for the new outlets will depend on where new malls will be rising.
“We have to be a bit selective where we’re opening. Metro Manila is getting a bit crowded. The opportunities are really outside Metro Manila,” Liu said.
He added that the new outlets in the local market will be a combination of its different brands.
Aside from Penshoppe, Golden ABC creates and sells ready-to-wear clothing under the Oxygen, ForMe, Memo, Regatta and Tyler brands as well as direct selling subsidiary Red Logo.