Swedish high street giants Hennes and Mauritz, who own H&M, COS, Monki and Cheap Monday, are rumoured to be branching into a luxury line.

Designer Behnaz Aram, who joined the company’s design team in August last year, is thought to be heading up the new luxury brand.

H&M spokeswoman Charlotta Nemlin refused to confirm the speculation but did admit the company is constantly working on new endeavours.

She told WWD: “We are constantly looking at new ideas; it’s a natural part of our work. However, there is nothing new that we can [talk] about for the moment.”

H&M is no stranger to designer collaborations, having launched affordable ranges with Versace, Stella McCartney, Marni and Karl Lagerfeld to name but a few.