In a step-change from the publisher's celebrity-focused titles, which include OK!, New!, Hotstars and Star magazines, the new title will focus on fashion and beauty.
An editor will be announced within the next two months. A Northern & Shell spokeswoman said the publisher was currently in negotiations with an external candidate.
B Happy will have a multi-million-pound television launch next year and the publisher will be approaching creative and media agencies.The company currently handles creative in-house.
The spokeswoman said: "Northern & Shell is always looking to develop and move into new sectors. It saw that women's lifestyle was an area it had not yet penetrated."
The magazine is the second title Northern & Shell is looking at launching; in August it announced that the publisher's Express Newspapers division was considering a men's weekly title, possibly using the name KO!
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