Mexican millionaire Carlos Slim wants to compete against Zara and H&M

Mexican businessman Carlos Slim is seeking to lead the Mexican fashion market with his label Philosophy, and compete with major fast-fashion retailers such as Zara, H&M or C&A.

Slim, who owns Sears Mexico and is a major shareholder of Saks Fifth Avenue, plans to open Philosophy's first two standalone stores this month, and have 100 locations by 2017, said the Spanish newspaper El País.

Overall the investment will amount to $20 million, some $200,000 per location. According to Edgar Smolensky, Purchasing Director of Sears Mexico, 7% of Philosophy’s clothes will be manufactured in Mexico and the rest will be supplied overseas.  

One of the label's first standalone stores will be located in Mexico City.

Although Philosophy is a known brand in Mexico, since its launch in 2011 the label has only retailed inside of the department store Sears in Mexico and other South American countries. Philosophy's popularity in the region has driven the magnate to re-think the brand's strategy and market the label independently.