London - Should online fashion retailers be afraid of H&M's latest retail initiative? A new media report claims Hennes & Mauritz is set to launch a new online sales platform offering branded clothing at discount price later this year.
A report from Swedish news website Breakit stated that H&M is working on a new digital project under the code name "P12". H&M is said to be working with NA-KD, one of Scandinavia's fastest growing online stores, to create a new sales platform which will offer consumers the best deals for branded apparel. H&M has reportedly already signed on 63 brands, although the exact brands have yet to be confirmed.
The code name of H&M's secret project may ring a few bells, as previous media reports in late 2016 indicated that H&M was planning to launch a new label under the name "P Eleven." However the Swedish fashion company went on to launch Arket last autumn instead. H&M's new online sales platform is said to launch sometime during April, according to the report.
FashionUnited reached out to the H&M Group for additional commentary concerning the report, but the company declined. "What we can comment at this stage is that we are always working with lots of interesting ideas but we can’t comment on rumors," said Kristina Stenvinkel, head of communications at H&M to FashionUnited. "When we have something concrete to say we will do so."
It would not be the first time speculation concerning H&M's latest retail concepts emerges. The H&M Group announced last September it would be launching its ninth brand in 2018, although a spokesperson declined to share more details concerning the new brand at the time. However, in an interview with The Cut, H&M's creative director Oscar Olsson revealed the fashion group will be launching a new label under the name "Nyden". Launching in early 2018, the new label aims to work with a series of designers to create a unique clothing range.
Photos: courtesy of the H&M Group