Retail giant, H&M has announced new clothing brand, Arket in a bid to revive sales in key European markets.
Due to launch after the summer, Arket will to focus on “a broad yet selected range of essentials for men, women and children, as well as a smaller, curated assortment for the home,” according to chief executive office, Karl-Johan Persson.
Arket’s first retail store is set to open on London’s Regent Street early autumn of this year, followed by Brussels, Copenhagen and Munich and online in 18 European markets.
The announcement follows the company's earlier statement of its quarterly financial results where profits were hit by lower sales growth.
Of the results Persson said: "For fashion retail in general, market conditions were very tough in many of our large markets in central and southern Europe and in the US, and this was reflected in our sales."
The Swedish company has already had success with additional brands like Cos, & Other Stories, Monki, Weekday and Cheap Monday