London - Swedish fast-fashion company H&M is reportedly exploring options to launch an all new brand which will be very dissimilar from its namesake label as well as its sister labels and current store concepts.

This new brand could be launched as soon as 2017 and "will be completely different from H&M" according to H&M's Chief Executive Officer Karl-Johan Persson, in an interview with Bloomberg. The company already owns a series of complementary brands next to H&M, including COS, & Other Stories, Monki, Weekday and Cheap Monday. All these labels help the company "offer a variety of different styles and trends at different price points," added Persson.

During a conference call on Thursday, H&M's head of investor relations Nils Vinge, noted that the Swedish retailer plans to expand and develop its lesser brands. "It’s primarily Cos, & Other Stories this year," he said. "But we’re also looking to speed up Monki ... and Weekday." He added that there is a separate department within H&M which is "looking into new things all the time.," noting that "some concrete things" are currently being considered.