Continuing to feed our insatiable appetite for fast-fashion, Hennes & Mauritz announced today the Swedish 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.
H&M is keeping everyone guessing regarding further details such as the chain's new name, however a Swedish news outlet reports that all trademarks and logos for the name '& other stories' were handed in to the Swedish Patent and Registration Office by a Swedish firm last year.
A representative for the company could neither confirm nor deny the name '& other stories' to Fashionista, writing: 'We do not comment on rumors, at this time we do not have anything else to add.'
However, Camilla Emilsson-Falk, Head of Media Relations for H&M, did confirm the reports of a new store to the Swedish daily newspaper Dagens Nyheter, saying: 'We see the new chain as a complement to H&M.
'It will be at a slightly higher price bracket and with a little better quality, but still stay within the framework of our business concept - fashion and quality at the best price.'
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.
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
CEO Karl-Johan Persson said in a statement: '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.
'We have great faith in this new brand and we see considerable potential for further initiatives.'
Keeping tight lipped, ensuring even more anticipation from customers, 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.
