The SM Group is scaling up its beauty and wellness retail offerings to capture growing consumer demand. Its subsidiaries SM Beauty and Watsons Philippines are rolling out new products, services and store formats nationwide. SM Beauty now carries more than 1,000 brands across 77 branches, including global names such as Yves Saint Laurent, Lancôme and Calvin Klein. Select outlets have also introduced ‘beauty hubs,’ dedicated spaces for services like hair coloring and makeovers, supported by a larger team of professional beauty advisers. The expansion aligns with the rapid growth of the Philippine beauty and wellness industry.
According to Euromonitor, the country’s beauty and personal care market is valued at over P300bn (US$5.22bn) in 2024, with annual growth projected at 7-8% through 2028, outpacing global averages. Skincare, cosmetics and health supplements are the key drivers, propelled by rising disposable incomes and a young, wellness-conscious consumer base. The Philippines has also gained international visibility, ranking 13th out of 218 economies in the personal care and beauty segment of the global wellness economy in 2023, based on Global Wellness Institute data. Globally, the wellness economy is forecast to reach nearly US$9tn by 2028, creating more opportunities for retail leaders like SM.