High-end H&M Retailer reveals plan to launch a brand new chain of stores
23:16 GMT, 29 March 2012
Continuing to feed our insatiable appetite for fast-fashion, Hennes & Mauritz announced today the company will launch a new chain store next spring.
After rumours emerged earlier this week that H&M have been planning its first luxury brand, to sit alongside the current budget brand H&M and higher-market label COS, it has been confirmed that 2013 will see a new offer from the mega-retailer.
However, H&M is keeping everyone
guessing regarding further details such as the chain's new name, and
whether it will indeed be at a luxury price point.
New label: H&M plan to launch a new brand next year, giving customers another fast-fashion fix on top of the the mega-retailer and its other label COS
CEO Karl-Johan Persson said in a statement this morning: 'Like COS, which today is very successful with good profitability, the new chain of stores will be independent and complement the other offerings from the Group. We have great faith in this new brand and we see considerable potential for further initiatives.
Keeping tight lipped, Mr Persson only added, 'We have great faith in this new brand and we see considerable potential for further initiatives.'
It looks like the U.S. might have to wait a little longer than Europe to access the Swedish brand's new offering however, with the new stores to be launched in several of European countries first.
The announcement came after the company's figures were released, citing a 22per cent jump in Swedish profits.
New collection: The company announced its plans to launch a new label two weeks before H&M's new Glamuor Conscience Collection goes on sale April 12
Mr Persson explained: 'Our collections have been well received which has resulted in increased market share in a very challenging fashion retail market, and we have strengthened our position even further.'
Keeping their customers in even more anticipation, he continued: 'We are making these long-term investments in order to build an even
stronger H&M, so that we can give our customers an even broader
offering going forward. We have many different projects in progress.'
Something tangible to cling to though, is the company's plan to start online sales in the U.S. this year.
And following H&M's most recent famous designer team-up with Marni, the budget brand is launching its Exclusive Glamour Conscious
Collection on April 12.
The collection has already been worn on the red carpet by both Amanda
Seyfried and Michelle Williams and is made using sustainable materials
including organic cotton, hemp and recycled polyester.
Now we just need to wait patiently for H&M too dish more details on what they're cooking up.