Plans are at an early stage, but the singer, who was instrumental in July's Live8 shows, has already contacted brand-owners to discuss their involvement.
He wants to bring in major brands in sectors ranging from fashion to entertainment. They would develop limited-edition lines, from which a proportion of sales would go into a fund.
Bono's publicist said Red was a 'work in progress'. He added: 'It's a project looking at ways to get more funding for the global fund from the private sector.'
No launch date has been set, but Bono is keen to have Red up and running by early next year.
The news follows reports that Bono and Sir Bob Geldof have fallen out with Make Poverty History. Bono denied the claims, saying the partnership was successful as global leaders made a number of financial pledges at the G8 Gleneagles summit.
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