Spinneys, a fresh food supermarket chain based in the United Arab Emirates, has formed a strategic joint venture (JV) with Filipino business group Ayala to establish stores in the Philippines.
Ayala will hold a 60% stake in the joint venture, while Spinneys will retain a 40% stake, according to a press statement released on Zawya.
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In the initial phase of the partnership, Spinneys will provide assistance in setting up and managing store operations.
Once the operational framework is established, the ongoing management and daily responsibilities will be fully transitioned to the joint venture.
The collaboration aims to leverage Spinneys’ expertise in premium fresh food retail and Ayala’s knowledge of the local market.
This marks the retailer’s entry to Southeast Asia.
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By GlobalDataSpinneys CEO Sunil Kumar stated: “Spinneys’ expansion into Southeast Asia marks an exciting new chapter for us. The Philippines offers significant long-term growth potential, with strong economic fundamentals, a growing affluent population, and increasing demand for high-quality offerings.
“Our partnership with Ayala combines its deep local knowledge with our operational expertise, providing a strong foundation to grow in a measured way.”
The move follows a successful year for Spinneys, which has opened ten new stores in the UAE and recently announced plans to enter the Kuwaiti market.
Ayala Corporation president and CEO Cezar Consing stated: “We are honoured to be the first partner of Spinneys as it ventures outside the Gulf Cooperation Council [GCC]. We hope this investment will catalyse trade and investment between the Philippines and the GCC.”
This partnership follows Ayala’s recent collaborations, including a deal with Thailand’s CP AXTRA to open Makro stores in the Philippines.
Ayala previously worked with Kmart Australia to bring home and lifestyle products to the market and partnered with BYD to introduce electric vehicles.
