Swedish high street giant H&M is thought to be adding a new brand to its portfolio, with plans to unveil it in the coming year, according Drapers Online.
The brand, expected to be called P Eleven, will join H&M labels Monki, Cos, & Other Stories, Cheap Monday, Weekday and its mainstay brand, H&M.
P Eleven is expected to takeover the prime location of the Banana Republic store on London's Regent Street as its new UK flagship. Banana Republic announced earlier this year it is to exit the UK market amidst a fall in sales and tough market conditions.
H&M previously announced plans to launch new labels, although no information was released regarding P Eleven.
The group closed the third quarter reporting a decrease of 17.4 percent in profits, down from 15.4 billion kronor (1.6 billion euro) for the same period of 2015 to 12.7 billion kronor (about 1,32 billion Euros).
Earlier this month H&M unveiled its annual luxury collaboration, this time with Paris-based brand Kenzo. The limited edition collection reportedly saw stellar sales, despite consumer fatigue with high-low collaborative collections.
Photo credit:H&M Kenzo, source: H&M.com