Business of Fashion is reporting that fast-fashion titan H&M is set to launch a new retail brand called Arket. The new brand will join H&M’s extensive portfolio of retail concepts, which already includes & Other Stories, Cheap Monday, COS, Monki, and Weekday, as well as its flagship H&M brand.

According to the retailer, Arket will be a “modern-day market that will offer essential products for men, women, children and home.” It’s a strategic move for the brand as extensive market research continues to report that retailers need to shift strategies in order to court millennials.

Perhaps, it's trying to reach a core group who have moved away from mainstream retail options, preferring niche fashion outlets like Grailed and Vestiaire Collective, shopping at high-end flea markets and farmers’ markets alike.

Providing a high-brow, “market-esque” retail concept with extensive choice and carefully honed aesthetics in tow could be a lucrative move for H&M to court this increasingly discerning customer group.

The new brand will sell Arket’s own products alongside a selection of products from non-H&M brands. Arket product will be priced slightly higher than that of the group's core H&M brand, with men's shirts starting at €39 (about $42) and stretching up to €115 (about $123).

"We really believe it’s relevant to a modern customer to bring different brands together — under one roof, under one channel — and to make that choice for them and also make it more convenient," Ulrika Bernhardtz, Arket’s creative director, told Business of Fashion.

Arket’s inaugural store will open on London's Regents Street in late summer this year. "We are starting in London as a global city to reach the world," said Axelsson.

The new brand will simultaneously launch e-commerce in 18 European countries, with additional bricks-and-mortar stores to follow in Brussels, Copenhagen, and Munich. "We are looking into more cities obviously, but our main focus is Europe and we are starting there.” For more fashion news, here's every single piece from Alexander Wang's latest collaboration with adidas.

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