SM, H&M in possible partnership talks

Swedish fashion brand H&M is reportedly in early discussions with Filipino mall developer SM Group to enter the Philippines.

The talks were revealed by an official from the Department of Trade and Industry (DTI).

Should the discussions result in a formal agreement, it would be SM’s third partnership with international brand, following Forever 21 of the US and Uniqlo of Japan. H&M is a brand notable for its absence from the Philippines, given its huge success in neighbouring markets like Thailand, Malaysia and Singapore.

The first H&M store in the Philippines would probably open at SM Aura, SM’s new mall under development at Bonifacio Global City in Taguig.

With 2818 stores globally, H&M aims to grow its store network by 10 to 15 per cent annually. The company reported a modest sales growth of five per cent in February, which is below forecasts of seven per cent.

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