The campaign was shot in Buenos Aires where the colourful shirts and flowing printed skirts from the upcoming collection were worn by a diverse cast of models and singers alongside the 'Stranger Things' and 'Avengers' actresses.
Winona believes the campaign is important for the world in a time where the Time's Up and #MeToo movements - which aim to take a stand about sexual harassment in the entertainment industries - are so prominent, and says the advert is ''refreshing'' in the way it celebrates women.
The 'Beetlejuice' star told the Evening Standard newspaper: ''I love the way that the campaign really celebrates women in a very authentic way. I found that to be really refreshing and much needed right now in this culture. They are celebrating themselves and each other.''
And Elizabeth said it was ''inspiring'' to be creating the advert with the strong female cast.
She said: ''It was such a thrill to be in Buenos Aires for the H&M Spring campaign, and more importantly, to be surrounded by such a wonderful cast of strong women. The entire experience was incredibly inspiring.''
The campaign film focuses on showcasing strong female individuals, as the group of stylish women leave their male dancing partners and begin to playfully dance together in a local café before continuing the party in the Argentinian streets where Elizabeth and Winona perform a sultry tango together.
Meanwhile, Winona - who shows off her feminine side in a black ruffled top and statement red earrings in the video - admitted she was physically bullied growing up for wearing what people perceived as ''boys clothes''.
She said: ''I was wearing an old Salvation Army shop boy's suit.
''As I went to the bathroom I heard people saying, 'Hey, f***ot.' They slammed my head into a locker. I fell to the ground and they started to kick the s**t out of me. I had to have stitches.''