Hennes & Mauritz AB (H&M), a Stockholm-based clothing retail company, is bullish on the Philippine economy, and will be adding more stores soon.

In an interview with the BusinessMirror on Wednesday, at the sidelines of the brand’s launch of its new exclusive collection under its Conscious line, Frederik Famm, country manager for Southeast Asia, said: “We have been very well received since we opened six months ago. We believe a lot in the Philippines and obviously, we’re looking at a number of store locations in Manila, but also outside of Manila.”

At present, H&M branches are at SM Megamall, SM North Edsa (The Block), SM Makati, Robinsons Place in Ermita, and Robinsons Magnolia along Aurora Boulevard.

For most retailers, the usual major markets outside Manila are Cebu, Iloilo, and Davao—highly populated urban areas with a growing middle class and affluent population.

Unlike other foreign clothing brands, which have partnered with local retailers and department stores, H&M’s investment in the Philippines is its own. The Retail Trade Liberalization Act of 2000 allows foreign entities to full ownership of their Philippine retail operations.

While brand officials have declined to reveal its actual investment in the Philippines, data from the Bangko Sentral ng Pilipinas showed foreign direct investments from Sweden, jumping to $22.05 million (P992.25 million) in 2014, from only $80,000 (P3.6 million) in 2013, or a substantial increase of 274.63 percent.

Famm added, what makes the company feel optimistic about the growth of its business in the Philippines is “you have 100 million inhabitants, a young population interested in fashion, the economy is growing, so of course there are a lot of possibilities. The size of the country makes it an interesting country.”

Asked why it took so long for the 68-year-old H&M to open its doors in the Philippines whereas other foreign clothing brands have already made their way in, the brand official explained: “It’s an ongoing worldwide expansion and obviously we cannot do all countries at the same time. In the last years we have been focusing on Asia, so it’s also a very natural step for us to enter the Philippines now and start the expansion, because Asia is a growth market.”

Comparing its sales in Manila, he said: “We believe very much that fashion is global. The same thing that sells in Paris and London sells in Manila. So we have been received well in Manila the same way it’s been well received in Paris and London. Of course, we are never satisfied but I think we have been very well received. We are doing well [here].”

H&M’s Conscious line are clothes made of organic fabrics from plants that are grown without the use of chemical pesticides and fertilizers. Its exclusive collection, which focuses on dresses, said Famm, uses organic leather and organic silk, with embellishments like sequins and beads made from recycled plastic. “It’s the third time that H&M is doing this collection, where we are basically showing that sustainable clothing can really be fashionable.”

A publicly listed firm, H&M said in its first quarter from December 1, 2014 to February 28, 2015) report to stockholders that group profit after tax increased by 36 percent SEK 3.61 billion (P18.43 billion). It is targeting to increase the number of its stores by 10 percent to 15 percent “with continued high profitability. For full-year 2015 a net addition of around 400 new stores is planned. Most new stores in 2015 are planned to open in China and the US. There are also still great opportunities or expansion in other existing markets as well as in new markets.

“Taiwan, Peru, Macau, South Africa and India are planned to become new H&M markets in 2015.”

According to its web site, the H&M Group has more than 3,500 stores in 57 markets, including franchise markets.