Swedish retail giant H&M is further expanding their brand portfolio with a new label. It's called Arket, which translates to "sheet of paper" in English, and it will be the company's version of a concept store.
According to the exclusive report by Business of Fashion, Arket will be a "modern-day market", which aims to "offer essential products for men, women, children and home." It is expected to carry items with a slightly higher price tag, from €39 (P2100+) to €153(P80,000+). The new brand will have its own products, but will also sell items from non-H&M brands.
The first Arket retail store will be opening later this year in London. Selected stores will also have a café as well, to add to the new market experience.
High Snobiety has commented that Arket is perhaps H&M's response to the specific group of consumers that are moving away from the core brand in favor of niche brands. The company has already reported its first drop in sales within the last four years, so the launch might switch things up if it becomes a success.
Read BoF's full report about Arket here.