H&M store in CopenhagenStock, Denmark - 2017

PARISHennes & Mauritz AB has declined to comment on a media report that it is planning to launch a platform selling branded clothes at discount prices.

According to Breakit, a Swedish web site reporting on tech companies and startups, the high-street giant is working on a large-scale digital project known by the code name P12, which is being described in-house as “the style and deal-hunting paradise.”

Breakit said 60 brands have agreed to join the platform, due to be launched in April. Kristina Stenvinkel, head of communications at H&M, responded: “We always have a lot of interesting projects going on and that we don’t comment on rumors.”

The fast-fashion giant has been struggling to maintain sales momentum in the face of growing competition from e-commerce, and has responded by multiplying its brands and sales formats.

Last year, it launched Arket, which sells minimalist Scandinavian-inspired clothing as well as a selection of shoes, accessories and home ware from brands including Adidas, Converse, Nike and Reebok alongside niche labels such as Brio, Goki and Hario.

In the coming months, it will unveil Nyden, an affordable luxury label aimed at Millennials that will focus on collaborations, working with personalities such as tattoo artist Doctor Woo and Swedish actress Noomi Rapace to create collections destined to be sold via pop-up stores and online.

Following a disappointing fourth-quarter performance that sent its share price tumbling to its lowest price in eight years, all eyes are on the company’s Capital Markets Day, scheduled for Feb. 14 in Stockholm. Karl-Johan Persson, chief executive officer of H&M, is expected to detail its digital strategy at the event.