The competition among fashion retailers is almost always tough. And in a market where only the best could really excel, it’s important to think of ways to set one apart from the rest. That’s exactly what world famous fashion shop H&M did a few days ago when they decided to open up a new retail brand Arket in hopes of keeping up with the intense fashion competition among retailers everywhere.
During the December 2016 – February 2017 tracking period, the Swedish company earned 3.2 billion kronor worth of pretax profit; this is lesser than the 3.3 billion kronor pretax profit recorded during the same tracking period in 2016. Aside from that, H&M also saw a 5 percent decrease in their shares. But despite the bad news, the Swedish fashion brand still announced a couple days ago that they’re going to increase their investments this year in hopes of keeping up with other fashion chains such as Inditex and Uniqlo. According to the released information, the Arket brand will sell fashion essentials for men, women and children. It will also sell functional household products. The designs are said to be crisp, simple and timeless.
The new Arket brand signals H&M expanding network of companion companies. Its first outlet will be opening soon in London, followed by Brussels, Munich and Copenhagen. Arket will also be present on the internet as they’re planning on establishing online shops for 18 of Europe’s largest markets.
The Arket store will sell non-H&M products alongside its own. The items are going to be priced higher than the H&M brand products. Select Arket stores will also feature cafes that sell Nordic cuisine to complete that Swedish experience.
According to Ulrika Bernhardtz, Arket’s creative director, their company strives on making it convenient for the customer to buy fashion and other essential products by gathering different quality brands under the same roof. The first Arket store in London will open autumn of this year.
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