Shine OnH&M to open new retail chain in 2013
H&M's chief executive officer Karl-Johan Persson officially announced that the company will be opening a new chain of stores, beginning with Europe in 2013. What, exactly, we can expect from this chain was unfortunately not disclosed.
"We have many different projects in progress and already next year we will be launching a completely new store chain," says Persson in a statement.
Related: What to get at H&M this spring
Rumours were swirling earlier this week about the company opening a luxury brand chain, and understandably, it got people talking. H&M? Luxury? We never would have imagined, but thinking about the possibility is kind of fun -- what will the clothes look like, what will the price point be, and will they sell more designer collections?
H&M is known for its affordable, on-trend, "fast fashion," and has really led the way in this category of retailers. You might stop in there before an evening out to pick up something cute that won't break the bank and that you could wear only once and not be too upset about it. That whole cost-per-wear mentality justifies this type of commitment-free shopping. So luxury brand clothing is definitely new.
Related: H&M accused of copying 'You look nice today' design
The company already opened a higher priced retail chain, COS, in Europe back in 2007. And according to NYDailyNews.com, H&M is set to launch the Exclusive Glamour Collection in April, made using sustainable materials, which has already been worn on the red carpet by the likes of actresses Michelle Williams, Kristin Davis, Viola Davis and Amanda Seyfried.
"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," says Persson.
But no further details were given.
While we'd love to believe that the new chain will be a higher-end one, Nils Vinge, the company's head of investor relations, remains elusive about the media reports. "We have identified a gap in the market, and we've very excited about this," he tells Women's Wear Daily in a telephone conference.
What do you hope to see from H&M's new retail chain? Or are you more interested in what to buy for spring? Check out the video below for this years spring's fashion trends.
