H&M will be launching a “savings-lovers heaven” called Afound. Afound is a multi-brand discount store. The first two stores will open in Stockholm and Malmö, on June 14th and 16th, but will also be available online to international customers.
According to the H&M website, Afound will be a marketplace, a “style- and deal-hunting paradise” selling discounted fashion and lifestyle products, with both external and the H&M group’s own brands, offering a wide range of well-known, popular brands for both women and men. Afound will present a carefully selected, season-less range from Swedish and international brands in a variety of price segments both online and in physical stores. Afound will also launch unique, limited product releases from a range of brands, all at attractive prices.
“The idea was to create an innovative marketplace in the off-price sector,” Mattias Ekberg, creative director of the brand, told Women’s Wear Daily in a 2018 report.“Some people might call us an outlet, but our vision is for the customer to experience a style and deal-hunting paradise.
Slow to adapt to the shift of consumers to digital avenues, H&M has been struggling with a decline in business in recent months. The Swedish retailer is in the process of redirecting efforts from the store-expansion-fueled growth to improving existing stores and pushing further into the digital sphere according to a 2018 Women’s Wear Daily report.
Afound has not yet disclosed any brands that will be in stock. It is presumed that the brands in stock will include names from the H&M stable, such as Weekday, H&M, & Other Stories, Cos and Arket. For Fredrik Svartling, the brand’s managing director, creating a strong digital presence was crucial for Afound.
“We want to make it easy for our customers by being where they are, whether it’s digitally or in selected physical stores, and by offering a range tailored to local demand,” said Svartling according to a Women’s Wear Daily report.