H&M has launched a new brand, Arket, which is opening its first shop in the former Banana Republic on Regent Street, W1.
The shop will open in early autumn 2017 and launch online in 18 European countries, with shops planned for Brussels, Copenhagen and Munich.
The billionaire Swedish owner of fashion retailer H&M, Stefan Persson, owns the long leasehold of the 275,000 sq ft corner block at 244 Regent Street which was formerly the Dickens & Jones department store.
The 10,000 sq ft corner site is one of the most prominent on the street and is next to H&M’s flagship in the same building.
The new brand will stock fashion clothing and homeware for men, women and children. Arket means ‘sheet of paper’ in Swedish. Shops will also have a café in some locations.
Arket is the second retailer to open its debut UK shop on the Regent Street block. High-end winter clothing retailer Canada Goose is moving into the unit formerly occupied by Armani Exchange.
Gap-owned Banana Republic shut its UK shops at the end of 2016 as it struggled to compete against rivals H&M and Zara.
Persson bought the long leasehold of the 275,000 sq ft property in 2010 for £221m. The Crown Estate owns the freehold.
Rents on stores on Regent Street average between £725/sq ft and £750/sq ft zone A according to Cushman & Wakefield.
H&M Group’s brands
| Brand | Pitch |
| H&M | Value fashion |
| COS | Modern and functional fashion offering classics and essentials |
| Weekday | Modern fashion and denim brand with DJ booths in the shops |
| Cheap Monday | Denim and fashion collections |
| Monki | Scandinavian and Asian street style fashion |
| Arket | Durable Nordic collection for clothing and home |
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