100% agree.
I would rather H&M had a 'diffusion' line that changed designers every season. So Donatella would do one season, Marni would do the next ect. But it would be H&M CLOTHES with a famous design team. Slapping a brand on the label next to H&M does not make me lust after the clothes any more than usual - because I know the quality/manufacturing will be the same.
I like H&M clothes, I also like the designers that collaborate. But if I wanted to BUY the designer, I would save up and GO TO the designer.
It serves a fun purpose - eg Versace digging up old prints and reinventing them, but wouldnt it be better if they just did it on their own rather than putting it through H&M? If I saw anyone in 'Versace x H&M' in 6 months, id cringe.