Big news for H&M fans: The company is opening a brand new fashion and home store concept this year. Here's what we know so far.
Called Arket, the retailer will be a "modern-day market that will offer essential products for men, women, children and home," Business of Fashion reported. Arket will sell its own in-house brand along outside labels, with a price range that's a bit higher than H&M—about $42 for a men's shirt, with apparel prices topping out at about $124.
The home section will be a "smaller, curated assortment," said Karl-Johan Persson, chief executive and president of the H&M group, in a statement. "The overall direction and focus is quality in simple, timeless and functional designs. There will be products in a broad price range, however in a slightly higher price segment than H&M with emphasis on materials, function and fit."
Arket means "sheet of paper" in Swedish, and "it relates to our origin in the Nordic tradition of functional, long-lasting design and symbolizes the blank sheet, the sense of optimism and possibility we felt creating this new brand," Ulrika Bernhardtz, Arket's creative director, told BoF.
The first retail store will open this year in London in late summer or early fall—simultaneously launching online shopping in 18 European markets—with "additional stores to follow in Brussels, Copenhagen and Munich."
With our known love for H&M Home, we're of course curious as to when this new brand will arrive in the States. Let's hope it's not as long as the wait for H&M Home, which took years to arrive in US stores, and then a few more to launch online.
Arket will join COS, & Other Stories, Cheap Monday, Monki, and Weekday in H&M's portfolio of brands. The fast fashion retailer isn't the only company with brand expansion plans for 2017; in February, TJX, parent company to TJ Maxx, Marshalls, and HomeGoods, announced plans for a new home store concept.