H&M PLANS LUXURY LINE AMID RISING COSTS

FASHION retailer H&M said yesterday that it plans to launch a new luxury line next year as it reported a lower than expected rise in first quarter profits to 2.74bn Swedish kronor (£260m). The fashion giant blamed a 1.2 per cent decline in profit margins on higher commodity costs and greater discounting. The high-street retailer has become well known for its tie-up with designer brands including Jimmy Choo and Marni, and regularly attracts celebrity fans, including actress Michelle Williams (pictured), who wore a custom designed dress from the brand to this year’s BAFTA awards.