Belo’s Wilcon Depot and Villar’s AllHome have a new competitor: Lucio Co teams up with Siam Group to enter home depot business
Business

Belo’s Wilcon Depot and Villar’s AllHome have a new competitor: Lucio Co teams up with Siam Group to enter home depot business

Bilyonaryo Lucio Co is venturing into the home improvement segment of retail through a P500 million partnership with Siam Global House Public Company Limited as he looks to capitalize on the home renovation boom.

Co’s listed holding company Cosco Capital has forged a joint venture with Siam to set up a one-stop shop warehouse for construction-related materials as well as home and garden decorative and improvement goods in the Philippines.

Cosco will have a 45 percent stake in the joint venture to be called Global House Philippines Co. Ltd. (GBP) , which will have a initial capital of P500 million. Siam, on the other hand, will hold a 55 percent stake.

The agreement was signed by Co at the head office of Siam Global House in Roi Et in Thailand.

GBP, which is expected to compete with retail tycoon William Belo’s Wilcon Depot and ultra bilyonaryo Manny Villar’s AllHome, will open three to five stores in the next 12 to 18 months in the National Capital Region, CALABARZON and Region 3.

Siam is aggressively expanding its retail business in Southeast Asia. It has 76 stores in Thailand.

The joint venture is expected to contribute to the growth of Cosco as it expands into other retailing forms outside of its flagship Puregold to boost its sustainable recurring income.

From a purely oil, gas and mining firm called Alcorn Gold Resources Corp. Cosco was transformed by Co into a holding company for his supermarket/grocery, wine and liquor and office supplies businesses.

 

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