Swedish fashion giant H&M is considering the UK for the global launch of its planned new upmarket fascia “&Other Stories”.

An H&M spokesman told Retail Week the UK is “on the list” of European countries it is considering for the premium chain’s debut.

H&M plans to launch the brand next year in a similar way to its Cos business and is looking at opening 10 stores across Europe in its first year.

The spokesman said the new store will “not be luxury” but will have higher price points than H&M.

H&M group chief executive Karl-Johan Persson said that, similar to Cos, the new chain will be independent from H&M.

He said: “We have great faith in this new brand and we see considerable potential for more initiatives.”

The UK is one of H&M’s fastest growing markets. Total sales in the UK soared 22% to SEK2.36bn (£224.1m) in the first quarter to February 29. Alongside China and the US, the UK is H&M’s largest expansion market in the year ahead. The group brought young fashion brand Monki and denim specialist Cheap Monday to the UK. Both opened stores on Carnaby Street in February.