H&M launching new retail chain in 2013
After rumors emerged this week that H&M is planning its first luxury brand, the Swedish retailer confirmed March 29 that a new store chain will be launched in 2013.
Following H&M's famous designer team-ups with the likes of Versace and Marni, rumors emerged in Swedish newspaper Dagens Industri this week that the chain is branching into the high end market.
In its latest three month report, the store confirmed a new store chain will be launched in 2013, although details are still limited.
"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 and already next year we will be launching a completely new store chain," said H&M chief executive officer Karl-Johan Persson.
"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."
H&M is keeping tight lipped regarding further details such as the new chain's name.
"At the moment this is all the information we have available. We look forward to telling more at a later date," H&M press officer Håcan Andersson told Relaxnews.
The Swedish retailer already owns higher price point high street label COS, and on April 12 H&M will launch its Exclusive Glamour Conscious Collection, which has been worn on the red carpet by the likes of Amanda Seyfried and Michelle Williams and is made using sustainable materials including organic cotton, hemp and recycled polyester.
