Although the company announced last week it would open another chain when it gave its first quarter report, no name or other details were revealed.
In the meantime, Dagens Nyheter, the Swedish news organization, reported that trademarks and logos for “& other stories” were registered by H&M last year.
Today, H&M confirmed that “& other stories” is indeed the name of the new chain. According to Camilla Emilsson-Falk, head of media relations for H&M, “We see the new chain as a complement to H&M. It will be at a slightly higher price bracket and with a little better quality, but still stay within the framework of our business concept–fashion and quality at the best price.”
Despite rumors that H&M’s new retail endeavor would be a chain aimed at the luxury consumer, today’s revelation doesn’t seem to indicate that. Last week, Karl-Johan Persson, the company’s ceo, said the new chain would build on the success of Cos, or Collection of Style, which was launched in 2007.
H&M reported a first quarter sales of 13%, but noted its gross margins were squeezed as it absorbed the rising cost of cotton and promotions.