H&M Luxury Collection May Be In The Works: REPORT (UPDATE)

UPDATE, 3/29: H&M confirms to Women's Wear Daily that it will debut a new chain of stores in 2013 to "broaden its offering," although they stayed mum on any details about the price points or fashion of the new stores.
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With the ongoing craze for low-priced designer collaborations, going high-end may seem like a counterintuitive business strategy. But H&M, the model purveyor of "cheap and chic" fast fashion, may be doing just that.

The Swedish retailer may be plotting a new luxury line with a higher price point, reports Women's Wear Daily. The line would likely involve Behnaz Aram, who currently runs "New Business" at H&M overseeing outside brands like Cheap Monday.

H&M neither confirmed nor denied any luxury plans. "We are constantly looking at new ideas," spokeswomen Charlotta Charlotta Nemlin told WWD, "However, there is nothing new that we can [talk] about for the moment."

But the step up to luxury wouldn't be too surprising given H&M's recent foray into red carpet dressing. The company has created an "Exclusive Conscious" collection of red carpet-ready looks, made from sustainable materials like organic cotton, hemp and recycled polyester in keeping with H&M's eco-friendly Conscious clothing initiative.

Michelle Williams and Amanda Seyfriend have both worn "Exclusive Conscious" collection pieces for red carpet appearances. Perhaps with a new luxury line, even more H&M will land on celebrities' backs?

Read more at WWD.com and sound off in the comments. Would you shop for luxury items at H&M? Or is the affordable price point, for both regular clothes and those alluring designer collabs, H&M's main appeal?