H&M to Launch Online Discount Concept
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.
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.