via MediaPhoto.Org / CC-BY-3.0

H&M is planning to expand, with the launch of an “affordable” luxury line aimed at millennials.

According to Refinery29, the popular retailer has announced that it plans to unveil a new brand called Nyden soon.

The report says the name fuses two Swedish words, ‘ny’ and ‘den’, meaning ‘new’ and ‘it’. However, H&M Group says the brand will not follow new trends, seasons or the traditional fashion calendar.

Each release from Nyden will be be limited and prices will vary depending on the product.

The brand will be headed by Swedish designer Oscar Olsson.

A launch date for Nyden has not been announced, but pieces will be available online and through pop-up event. For more info, you can head to the website here to sign up for email updates.