H&M is reportedly in discussions to open its first stores in the Philippines.

The Swedish fashion retailer is in negotiations with local franchisor SM Retail, although talks are believed to still be in the early stages.

If an agreement is signed, it would be SM’s third major global clothing brand after Forever 21 and Uniqlo.

Forever 21 operates four shops while Uniqlo has two in SM malls in the Metro Manila area.

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