Swedish fashion giant H&M Group has agreed to take the Banana Republic store on London’s Regent Street for a new brand concept, Drapers understands.
A source close to the situation told Drapers the working title for the new fascia is “P Eleven”.
The group revealed last June that it is planning to launch a new fascia in 2017, but declined to give any further details.
H&M currently has six fascias - H&M, Cos, Monki, Weekday, Cheap Monday and & Other Stories - and operates over 4,200 stores worldwide, in 64 countries.
The Banana Republic store in question is located at 224 Regent Street, next to an H&M and across the road from Cos. Last month, Banana Republic confirmed it will be closing all eight of its UK stores by the end of its 2016 financial year.
A spokeswoman for H&M Group declined to comment.