H&M is here but are their clothes any good?

Photo David Caird. Sneak peek into the new H&M clothing store in the GPO building. Source: News Corp Australia

THEY'RE the only two letters that matter in fashion this week – H&M.

Californian band Haim, the Stenmark twins, it girls, every fashion editor in the country and bloggers including How Two Live and They All Hate Us were among the well-heeled (and accessorised) crowed at the invitation-only launch of the first Australian H&M store in Melbourne.

No expense was spared as guests sipped on flower-infused cocktails, Mumm champagne and canapés by Adam D'Sylva - executive chef of top Melbourne restaurants Coda and Tonka.

The atmosphere was like a mini-nightclub with DJs playing I Want to Dance With Somebody as VVVIP shoppers browsed the racks of on-trend pieces including chunky knits, structured mid-length skirts and quirky prints.

Danielle Haim, Este Haim and Alana Haim of the band Haim attend the VIP launch party for H&M Australia at the GPO on April 3, 2014 in Melbourne, Australia. Picture: Getty Images Source: Getty Images

Shoppers in Australia won't be charged a premium to buy H&M compared to overseas, with the retailer saying prices here will be about the same as the rest of the world.

The Swedish fashion chain will open its first Australian store in Melbourne on Saturday, following in the footsteps of international retailers including Zara and Topshop.

Miss Universe Australia 2013 Olivia Wells attends the VIP launch party for H&M Australia at the GPO in Melbourne. Picture: Getty Images Source: Getty Images

And while the rest of Australia will have to wait for H&M to open in other states, there are plans in the works to launch online shopping in Australia.

H&M designer Ann-Sofie Johansson said the brand wanted to offer online shopping to Australian customers "in the future".

"I can't say when, I'm afraid, but we are working on that," Johansson said.

She said shoppers would not be charged inflated prices at H&M in Australia compared to overseas.

"The price is going to change a little bit from country to country due to factors like taxes or local currency but the customer should always make a good deal," Johansson said.

"That is in the business idea and that is what we're working towards here."

She said the Melbourne store was comparable in size to H&M's flagship locations in New York's Time Square and Fifth Avenue.

Photo David Caird. Sneak peek into the new H&M clothing store in the GPO building. Source: News Corp Australia

AUSTRALIAN COLLECTION

Along with the full H&M range, the store will also stock a 47-piece bohemian-meets-rock-and-roll-style collection that will be exclusive to Australia.

It includes leather vests and shorts, blouses, shirt dresses and boho-style hats, with a printed dress priced at $59.95 and patterned mini skirt costing $49.95.

AFL player Marc Murphy and partner Jessie Habermann attend the VIP launch party for H&M Australia at the GPO in Melbourne. Picture: Getty Images Source: Getty Images

"We thought about a bohemian girl with a rock and roll feeling to it with a tomboy touch," Johansson said, of the exclusive-to-Australia H&M capsule collection.

"Really cool and it's all in the mix, contrasting something feminine together with something more masculine or harder, in a way, like a biker jacket together with a floaty dress.

"Something hard against something soft."

Vogue Australia's editor-in-chief Edwina McCann attends the VIP launch party for H&M Australia at the GPO in Melbourne. Picture: Getty Images Source: Getty Images

Johansson said H&M's clothing, shoes and accessories were designed to be top quality and fashion forward.

"Fashion comes always first but at the same time, it has to be good quality otherwise people wouldn't come back to us," Johansson said.

"There's really no rules and if there are rules, you have to break them.

"We don't want there to be any fashion rules, you should be able to dress the way you want to dress."

The H&M size range spans from European size 32 (US 2) to 44 (14), with some clothing stocked in plus-sizes.

Photo David Caird. Sneak peek into the new H&M clothing store in the GPO building. Source: News Corp Australia

DESIGNERS FOR H&M

H&M has previously collaborated with fashion powerhouses including Isabel Marant, Karl Lagerfeld and Stella McCartney.

Michael Klim and Lindy Klim attend the VIP launch party for H&M Australia at the GPO in Melbourne. Picture: Getty Images Source: Getty Images

Johansson said future H&M designer collaborations would be available to the Australian market.

"If we are continuing with the designer collaborations, you will absolutely get it," she said.

VIPs will get the first-look inside Melbourne's H&M store at GPO at an invitation-only launch party tonight.

H&M has flown in Californian sisters Haim to perform to the hot-ticket party.

Didier Cohen attends the VIP launch party for H&M Australia at the GPO in Melbourne. Picture: Getty Images Source: Getty Images