Is H&M planning to launch a multibrand online outlet?
A Swedish news service has reported that global fashion giant H&M is planning the launch of an online outlet platform selling branded clothing at discounted prices.
Breakit says sources have told it that H&M is working on a project, codenamed P12. "H&M will buy outbound batches from other clothing retailers and sell them on this platform," an unnamed source is quoted as saying.
The source likened the project to that of Galne Gunnar, a low-priced chain started by H&M in 1998 which comprised 20 stores selling clothes that did not fit into H&M's regular supply. It was closed in the early 2000s and P12 is said to be a giant digital version of the concept.
Breakit's reporter claims to have visited the Mall of Scandinavia, just outside Stockholm where the project team are said to be based and saw evidence that P12 has signed up more than 60 brands for the project and is slated to launch in April, although H&M has refused to comment on the project.
The news comes shortly after it was revealed that H&M is working on another label targeted at millennials. Called /Nyden the label will be designed based on input from influencers and customer data and will be sold online only and at targeted pop-up events.
Last year H&M debuted its ARKET concept in the UK which is a modern take on the department store, selling its own label and hand-picked complementary brands, alongside a healthy-eating cafe. The first store was opened on London's Regent Street followed by another in Covent Garden and further stores in select European cities.
As H&M seeks to diversify beyond fast fashion it has created a stable of brands that now includes COS, & Other Stories, Cheap Monday, Weekday and Monki. The group indicated last year that more brands were under development.