Edited by Lester Brathwaite on March 29 2012 at 7:45 AM

H&M confirmed the launch of a new chain of stores for 2013, adding further fuel to the fire of a rumored luxury brand.

“We have many different projects in progress and already next year we will be launching a completely new store chain,” H&M chief executive officer Karl-Johan Persson said in a statement. “Like COS, which today is very successful with good profitability, the new chain of stores will be independent and complement the other offerings from the group.”

Persson is not spilling the beans quite yet on what this new chain will be, but he added,“We have great faith in this new brand and we see considerable potential for further initiatives.” [WWD]