The Rise of the Planet of the Apes actor was recruited by the jeans brand and advertising agency Lipman to helm the multimedia campaign ahead of its March debut.
Franco spoke about the project with Women's Wear Daily, saying: "For me, it's an excuse to be creative. They're giving me a lot of freedom. It's about having the opportunity to be creative in a new way and they are going to provide all the toys and the cast and everything else."
The star also promised that the collaboration would offer a unique perspective on fashion and offer something new, adding: "I'm not supposed to say too much, but we don't want to do something that feels very fashion-heavy.
"It's a more natural kind of approach. It's not a heavy-handed fashion world sell-job. It's really about bringing the natural essence out of the performers and models."
Seven For All Mankind president Barry Miguel said that Franco was a natural choice to helm the campaign as he fits the brand's ideals, explaining: "We want to tell our story about our California roots and James Franco so embodies the ideals of California.
"He was born and raised in California and he encapsulates that idea of freedom of expression and being modern in California."
Franco himself admitted that while he was not overly familiar with the company prior to signing on, he finds fashion to be an integral part of the artistic experience.
"I don't know how to design clothes - nor do I really want to - but I'm fascinated by the designers I've worked with, like Frida [Giannini] at Gucci. I'm interested in all kinds of design and creativity," he said.
"On films, you work with artists and craftsmen and designers and wardrobe and hairstylists and other actors and directors and writers and musicians. Being in movies for 15 years has taught me how to collaborate and how to make these different creative types coalesce."
> Franco returns as face of Gucci cologne