Hennes & Mauritz are plotting a new luxury line
Swedish giant Hennes and Mauritz, the owner of H&M, COS, Monki and Cheap is branching into a luxury line. The Swedish retailer confirmed that a new luxury store chain will be launched in 2013 to broaden its offering.
“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 will complement the other offerings from the group.”
The details are still limited. The new chain’s name is also uknown. “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.
On April 12 H&M will launch its Exclusive Glamour Conscious Collection made using sustainable materials including organic cotton, hemp and recycled polyester.