It’s one of our go-to destinations for reasonably priced basics, quirky bits of homeware and the odd pair of brightly coloured shoes.

And now H&M looks set to siphon off even more of our bank balances, with the announcement that the brand is launching a new “modern-day market” in London later this year.

Selling “essential products for men, women, children and home” the new shopping destination will offer both its own products, as well as pieces from non-H&M brands.

Products in the shop will also be slightly pricier than the usual H&M fare, with men’s shirts costing from around £33 to £98.

"The overall direction and focus is quality in simple, timeless and functional designs,” Karl-Johan Persson, chief executive and president of the H&M group, said in a statement.

“There will be products in a broad price range, however in a slightly higher price segment than H&M with emphasis on materials, function and fit.”

H&M to launch new fashion emporium in the UK this year