The supermodel is seen lip-syncing to the Wham! track Wham Rap!, while other women wearing items from the range join in from settings such as a tree, high-rise building and a stage.
The brand released the two-and-a-half-minute film online and shorter cuts will run on social media. It is part of a global campaign created by Adam & Eve/DDB.
The Omnicom agency has worked with H&M since 2015 but this is the first time it has handled a campaign for one of the brand’s seasonal fashion ranges. Last year A&E/DDB created H&M’s Christmas ad directed by Wes Anderson, and it has also made films starring David Beckham and Kevin Hart.
Along with the film, print and outdoor ads will run in more than 60 countries.
A&E/DDB shot the film in Tokyo. Campbell was a friend of the late George Michael and starred in his 1990 video Freedom 1990!.
Richard Brim, the agency’s chief creative officer, said Campbell knew all the words to the ad’s soundtrack "off the bat": "She just got on set and spat it out."
The work was created by Selma Ahmed and Genevieve De Rohan Willner, and directed by Karim Huu Do through Caviar.