PARIS — He’s hardly a bargain hunter, but Karl Lagerfeld can’t help being impressed by what fast-fashion behemoth Hennes & Mauritz can turn out at a price.

“They sent me a suit: 49 euros [$59]. It’s divine,” Lagerfeld said Thursday. “It’s unbelievable — the fit, everything. A lot of suits costing 300 euros are not as good as this one.”

The designer is slated to meet with H&M officials next week in Paris to hammer out a collaboration that was first reported in WWD on April 28.

Lagerfeld said he has already completed sketching his first Karl Lagerfeld for H&M collection, slated for delivery to the Swedish retailer’s 950-plus stores in November. Fittings are to begin next week.

Lagerfeld, one of the most recognizable fashion designers in the world, also confirmed he will photograph and star in the upcoming advertising campaign with model Erin Wasson.

“My dream is to do very expensive lines like Chanel and Fendi and very inexpensive things,” he said. “I don’t believe in anything in between….Today people wear T-shirts and jeans with exceptional things.”

H&M has so far declined all comment on the Lagerfeld collaboration, but it is understood it chose the designer for his international celebrity.

The Swedish firm operates stores in some 19 countries, including about 68 in the United States. H&M plans to add about 140 new locations this year, including its first location in Slovenia.

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