Swedish retail giant H&M has confirmed that it's planning to open a new brand in 2013. CEO Karl-Johan Persson stated in a press release that the new chain is part of a plan to secure H&M's future as a major player in retail. An H&M spokeswoman told Fashionologie that the new brand will cost more than H&M, but is not classified as a luxury label. The brand will have a higher price point, she stated, "it will be a retail chain that will follow the same ambition as H&M, to offer our customers the best price for a comparable item."
(via Fashionologie)
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