H&M to enter Philippines via SM in 2014

H&M Hennes & Mauritz AB (H&M), the world's second-largest clothing retailer, is planning to set foot in the fairly crowded Philippine clothing market next year.

In a brief statement posted online, the Swedish clothing giant said that its flagship store will be located at SM Megamall in Ortigas. Other details about its entry have yet to be announced.

H&M will be the third major foreign clothing brand that SM will bring in the country next to US-based Forever 21 and Japanese clothing brand Uniqlo.

Other brands are growing like mushrooms in key cities to satisfy a growing demand for global couture, including Cotton On, American Outfitters, Stradivarius, Mango and Zara. H&M will also be pitted against local contenders like Bench and Penshoppe which sells well-designed clothes at par with global counterparts at very competitive prices.

The H&M Group has a total of six clothing brands, namely H&M, & Other Stories, Cheap Monday, COS, Monki and Weekday, and a home interiors unit called H&M Home. It has 3,000 stores in 53 markets manned by 104,000 employees.