H&M Launching New Retail Chain

After rumors emerged this week that H&M is planning its first luxury brand, the Swedish retailer confirmed today that a new store chain will be launched in 2013. "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," said H&M CEO Karl-Johan Persson.