Swedish retail giant H&M confirms new ‘secret’ line

Swedish high street fashion giant on Friday confirmed that new “luxury” line called “& other stories” will be launched in Europe in 2013.

Swedish retail giant H&M confirms new ‘secret’ line

“We see the new chain as something of a complement to H&M. It will be placed in a slightly higher price range and quality but still remain within our concept – affordable fashion at the best price,” said head of information, Camilla Emilsson Falk to Dagens Nyheter (DN).

However, what the line will look like or where the first shops are to open, H&M are not yet willing to reveal.

According to DN, an application for copyright protection for the name and logo of “& other stories” was handed in to the Swedish Patent and Registration Office (Patent och registreringsverket, PRV) as well as to the international organization Wipo in Geneva, as early as last year.

CEO Karl-Johan Persson had previously said that the company could broaden their activity with new concepts.

Persson was personally responsible for the launch of the new clothes chain Cos, whose line of clothes are more exclusive than those retailed in ordinary H&M stores.

On Thursday’s press conference, Persson was secretive about the new venture and denied that the new line was a luxury version of H&M.

But it would seem as if the range will be broader because unlike the Cos line, the new brand is also protected for other merchandise, such as hair styling products, bed linen and sports products, according to DN.

Persson said on Thursday that the company has several new concepts in the pipeline.

“We are starting new chains to have new platforms to grow from,” he said during a press meet.

However, Persson didn’t rule out the potential for growth in existing markets either, saying that the H&M brand still had potential to grow.

The Local/rm

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Swedish retailer H&M sees profits slump after Russia exit

Swedish fashion retailer H&M reported a sizeable drop in third-quarter profit on Thursday following its decision to leave the Russian market.

Swedish retailer H&M sees profits slump after Russia exit

The world’s number two clothing group is among a slew of Western companies that have exited Russia following Moscow’s invasion of Ukraine.

H&M paused all sales in the country in March and announced in July that it would wind down operations, although it would reopen stores for “a limited period of time” to offload its remaining inventory.

The company said Thursday its net profit fell to 531 million kronor ($47 million) in the third quarter, down 89 percent from the same period last year. “The third quarter has largely been impacted by our decision to pause sales and then wind down the business in Russia,” chief executive Helena Helmersson said in a statement.

The group said in its earnings statement that it would launch cost-cutting measures that would result in savings totalling two billion kronor.