Ayala Corp. has signed a deal to bring another grocery format to the Philippines, this time United Arab Emirates-based Spinneys, which will likewise mark its debut in Asia.
Under the partnership, Ayala will hold a 60-percent stake, while Spinneys will own the remaining 40 percent, Spinneys said in a press statement issued in Dubai dated Sept. 30.
The partnership marks Spinneys’ first venture outside of the Gulf area.
The company said this was ‘aligned with its strategy to broaden its geographic footprint by entering structurally attractive high-growth markets.’
The collaboration is also seen to signify Ayala’s growing stake in the retail sector, as it continues to bring more international brands to the Philippine market.
New chapter
Just recently, Ayala signed a deal to bring warehouse club Makro to the country.
‘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,’ said Sunil Kumar, CEO at Spinneys.
‘With a growing middle and upper-income population, the Philippines is seeing a clear shift in consumer expectations creating a strong opportunity for a modern, premium retail offering like ours. Our partnership with Ayala combines its deep local knowledge with our operational expertise, providing a strong foundation to grow in a measured way. As we enter this next phase, we’re delighted to be bringing our highquality and fresh offering to a new region,’ Kumar added.
Ayala president and CEO Cezar Consing said the country’s oldest conglomerate was honored to be the first partner of Spinneys as it ventures outside the Gulf Cooperation Council (GCC).
Trade with GCC
‘We hope this investment will catalyze trade and investment between the Philippines and the GCC. At Ayala, we take pride in partnering with some of the world’s leading companies and working alongside them to bring world-class products and services to the Philippines,’ he added.
Retail holding firm Spinneys Holding 1961 has been operating in the UAE since 1961. It became a publicly-listed company in 2024.
Based on its 2024 annual report, it had at least 80 stores in the UAE, Saudi Arabia and Oman.
Revenues last year stood at AED 3.2 billion ($870 million) while net profit amounted to AED 290 million ($78.95 million).
Its core focus is food, with more than 85 percent of retail revenues generated from food products. Within the food segment, it focuses on ‘fresh’ food, which makes up more than 63 percent of total retail revenues.