Lucio and Susan Co, the billionaire cofounders of hypermarket and supermarket chain Puregold Price Club, have entered the top five ranks of the Philippines’ richest for the first time at No. 4 with a shared fortune of $3.3 billion, up 10% on year, according to Forbes.
Puregold Net Profit Climbs Amid Inflation
Amid a spike in inflation, Puregold clocked a 24% jump in net profit to 3.3 billion pesos, equivalent to $54 million, on revenue of 59 billion pesos, according to financial reports. The company is run by the couple’s son, Ferdinand.
Analysts state that Puregold has successfully fended off rivals such as Swiss discount chain Dali. The retailer achieved this defense through a weekly blitz of promotional offers designed specifically for price-conscious customers, according to market analysts.
Retail Expansion and Utility Diversification
From a single store set up in 1998, the Cos have built Puregold into a nationwide chain with nearly 800 outlets. This footprint includes a string of warehouse clubs and quick-service pizza restaurants, according to company data.
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Apart from core retailing, the couple has diversified their business portfolio into finance, real estate, and energy sectors.
In May, the cofounders doubled down on their water utility business. They concluded the acquisition of PrimeWater Infrastructure, which supplies water to 161 cities and towns, from property tycoon Manuel Villar at an undisclosed price, according to corporate filings. Additionally, the Cos control The Keepers Holdings, an importer of liquors and wines.
Frequently Asked Questions
Who are Lucio and Susan Co?
Lucio and Susan Co are the billionaire cofounders of Puregold Price Club, a hypermarket and supermarket chain.
What is the net worth of Lucio and Susan Co?
According to Forbes, the couple holds a shared fortune of $3.3 billion, placing them at No. 4 on the list of the country’s richest.
How large is the Puregold retail network?
Puregold operates nearly 800 outlets nationwide, including warehouse clubs and quick-service pizza restaurants.
What recent acquisitions have the Cos made?
The Cos acquired PrimeWater Infrastructure from property tycoon Manuel Villar, expanding their utility business to cover 161 cities and towns.
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