As part of a so-called secret bid to become a “digital powerhouse”, Hennes & Mauritz (H&M) has reportedly inked agreements with 60 brands to launch a discount fashion site later this year.
According to Swedish news site Breakit, the fashion group has been quietly working on a “giant digital project” known by the code name P12. The plan is to sell branded clothes online at discount prices, according to sources of Breakit.
In a report published last week, the site claimed H&M already has agreements in place with some 60 brands and has rented an entire floor in an anonymous office building north of Stockholm with room for around 100 employees. It adds that, according to H&M’s internal information, the plan is to launch the platform in mid-April.
A spokesperson for H&M told just-style: “What we can comment at this stage is that we are always working with lots of interesting ideas, but we can’t comment on rumours. When we have something concrete to say we will do so.”
Last month, the group said it is to close more stores after sales development in the fourth quarter was “significantly below” its expectations.
H&M to close more stores, open less on “weak” Q4
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