H&M Plans for expansion in 2013
March 29, 2012 marked H&M’s first announcement that a new store chain will be launched in 2013. Rumors have surfaced that the chain has plans of branching out into the high-end market. Thus far H&M has kept information pertaining to the new chain’s name and product offering a secret. , All that’s known is they will for sure be launching this new chain
Details are still very limited but H&M chief executive officer Karl-Johan Persson did reveal, “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 next year we will be launching a completely new store chain.”
The Swedish retailer already owns higher priced street label COS. 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. Designs are made using sustainable materials including organic cotton, hemp, and recycled polyester.
Persson also explained, “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.” If you thought Versace and Marni for H&M were a big deal, I’m sure they have something bigger and better up their sleeves for 2013.