H&M is launching a new multi-brand discount store

H&M is launching a "style and deal-hunting paradise" in the form of Afound, a multi-brand discount shopping destination.

The first two stores will open in Stockholm and Malmö, on June 14 and 16, but the entire collection will also be available for international customers to shop online.

Afound is yet to disclose which brands it will stock, but the company’s managing director, Fredrik Svartling promses they “will be offering a large number of attractive brands at really good prices.”

One of the teaser videos on Instagram asks people which brands they would like to see at Afound, and among the names suggested are Coach, Vetements, Celine, Balenciaga and Philippa K.

Assuming they’re not totally pulling our legs, then Afound could be set to rival the likes of TK Maxx as a cut-price designer clothes emporium.

No doubt however the vast majority of the stock on offer will come from brands within the H&M stable: Arket, COS, Weekday, & Other Stories and Cheap Monday.

H&M, who has experienced declining sales over the last year and is dealing with a $4.3 billion pile of unsold clothes, will no doubt benefit from having an outlet through which to shift excess stock.

And, quite frankly, if that means H&M at (even more of) a bargain, we are not complaining.

“The idea was to create an innovative marketplace in the off-price sector with a relevant, curated and inspirational offering for our customers,” Afound’s Creative Director, Mattias Ekberg said in a statement. “Some people might call us an outlet, but our vision is for the customer to experience a style and deal-hunting paradise.”