Hennes and Mauritz are rumored to be launching a luxury fashion brand. The Swedish company - which owns COS, Monki , Cheap Monday and retailer H&M which is famed for its designer collaborations - is thought to be planning the new project after it launches its sustainable red carpet range, entitled the Exclusive Glamour Conscious Collection, on April 12.

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 endeavors. "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," she told WWD.

Michelle Williams has already shown her support for the Exclusive Glamour Conscious Collection line, wearing one of its monochrome floor-length gowns to the BAFTAs in February this year. "H&M approached Michelle Williams's stylist Kate Young and they showed great interest from the start. We felt that this was a fantastic opportunity and a new and exciting way to show our design," an H&M representative previously said, speaking about Michelle.