H&M plans to launch a discount website selling branded clothes, described as a “style and deal-hunting paradise”, it has been claimed.
The fast-fashion giant plans to launch the website, the name of which is unknown, in mid-April, according to Swedish website Breakit.
Breakit claims that a 100-strong team is currently working on the digital project, known internally by its code name P12, in “an anonymous office north of Stockholm”, where H&M is headquartered.
H&M is understood to already have agreements in place with 60 brands.
The fashion giant suffered a 2% fall in fourth-quarter sales last month, which could explain the motivation behind the mooted diversification.
The decline showed that the fashion retailer, which operates multiple smaller fascias including Arket, Cos and & Other Stories, is not immune to the challenges faced by multichannel retailers.
The website would mark a departure for the retailer, which has always focused on own-brand product sold via both bricks-and-mortar and online channels.
H&M declined to comment, although a spokesperson did concede that it “always had several new projects in progress”.