The couple made the top five for the first time this year, with Forbes estimating their combined net worth at US$3.3 billion in its recently published Philippine rich list.

Despite its name, Puregold’s stores sell not fancy products but value goods to consumers and a range of businesses, from small neighborhood convenience shops called sari-sari stores to mid-sized independent F&B operators.

The nationwide retail network has nearly 800 outlets, spanning supermarkets, warehouse clubs and quick-service pizza restaurants.

While Lucio and Susan are now known for Puregold, their business journey began in the oil industry in 1988 with Cosco Capital, formerly known as Alcorn Gold Resources Corporation.

As many businesses were reeling and prices surged amid the Asian Financial Crisis in 1997, the Cos identified an opening in the retail market.

They came up with a plan for a store that would make affordable goods and seamless service accessible to Filipinos, one they thought could be both profitable and beneficial to the community, according to Tatler.

Puregold Price Club's founders Lucio Co (left) and Susan Co. Photo from the company's website

They set up the first Puregold Price Club outlet in Mandaluyong City in 1998. Puregold began to flourish thanks to its hypermarket concept, which involves having all products on one floor instead of multiple floors, as well as Lucio and Susan Co’s combined expertise in business.

As it expanded, the chain moved beyond simply selling basic commodities and launched the Tindahan ni Aling Puring membership program, offering discounts and other benefits such as free delivery and business financing assistance to sari-sari stores and other small business owners. Puregold went public in 2011.

Building on the chain’s success, the Cos went on to acquire S&R Membership Shopping, introducing the U.S. warehouse club model to the Philippines.

While Puregold stores primarily serve low- to middle-income consumers and sari-sari store resellers, S&R caters to upper-middle-income and premium households.

This allows Puregold to tap demand across mass-market, premium and institutional channels, and gives it a broader and more balanced customer base than its peers, according to trading platform First Metro Securities.

Puregold reported a 24% increase in net profit to 3.3 billion pesos (US$54 million) in the first quarter of 2026, while revenue reached 59 billion pesos.

Analysts say the retailer has managed to hold its ground against competitors such as Swiss discount chain Dali by rolling out weekly promotions aimed at shoppers looking for lower prices.

Retail is only one part of the Cos couple’s business empire. They have also expanded into finance, real estate and energy.

They further strengthened their presence in the water sector in May by acquiring PrimeWater Infrastructure from property tycoon Manuel Villar at an undisclosed price. The utility supplies water to 161 cities and towns.

They also have interests in the liquor and wine trade through importer and distributor The Keepers Holdings.

As one of the rare tycoon couples in the country, the Cos remain notably private and not much is publicly known about their personal life and background, according to Esquire magazine.

Over the years, Puregold’s operations have created thousands of jobs while serving as a reliable supplier of cost-effective, high-quality goods for sari-sari store owners and small and medium businesses.

The couple have four children, all of whom hold roles across various companies under the family business. Their only son, Ferdinand Vincent, has helped run Puregold Price Club as its president since 2015.

Continuing his parents’ legacy, Vincent said in late 2022 as Puregold celebrated its 25th anniversary that the chain takes pride in helping Filipinos achieve their everyday wins.

"As we look back on the last 25 years, and look forward to the next 25 years, we want Puregold to be a permanent symbol of support for the Philippines," he said, as quoted by PhilStar.