Friday 16 November
Powered by Ajaxy
May 1, 2018 @ 10:16

Lucio Co burns P160M in failed Lawson experiment

 

Bilyonaryo Lucio Co lost quite a sum from his costly experiment to try his hand in the 24-hour convenience store business dominated by 7-11.

Last year, Co’s Puregold Price Club Inc. was estimated to have lost P160 million in 2017 from its 70 percent share in PG Lawson Inc. This is the main reason why Co quickly sold out his stake to Lawson Japan just three years into their joint partnership

Since opening Lawsons’s first Philippine store in 2014, Co has pumped close to half a billion pesos into the struggling venture – P350 million in 2014 and P140 million in 2017.

Co apparently was forced to let go off Lawson because it has been one of the reasons why Puregold’s income had fallen below analysts’s expectations.

Puregold profits rose by 5.7% to P5.84 billion in 2017 or below forecasts of P6 billion.

Please follow and like us:

Tags: , , , , ,

Related Stories
Cosco Capital, the retail holding firm of tycoon Lucio Co, grew its nine month earnings
The Securities and Exchange Commission has approved the registration of Purepadala Inc., a wholly-owned subsidiary
Retail magnate Lucio Co, through Puregold Price Club Inc., is incorporating a new subsidiary that
Puregold Price Club Inc. saw a 26 percent expansion in its first semester earnings to


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.