Could the Material Girl be fast-fashion’s next poster girl?

How about designer?

Speculation is building in Europe that Madonna is negotiating to appear in Hennes & Mauritz’s next major ad campaign — and perhaps do even more.

The Swedish cheap-chic giant declined all comment Thursday. But getting Madge to star in its ads would be a coup for H&M, which has tried to boost its buzz factor recently with a series of high-profile designer tie-ups, including Karl Lagerfeld and Stella McCartney.

Amsterdam designers Viktor Horsting and Rolf Snoeren have been tapped to design a collection for H&M this fall. Sources said the Madonna negotiations in no way involve Viktor & Rolf’s effort.

While Madonna has appeared in ads for Gap and Versace in the past, some suggested this time around her involvement could go beyond mere photographs, leading some to speculate she, too, could be designing clothes for H&M.

In any case, H&M is expected to make an announcement concerning Madonna in the coming days, sources said.

For complete coverage, see tomorrow’s issue of WWD.

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