U.K. fashion retailer Topshop is looking to gain a greater share stateside, Philip Green, the owner of parent company Arcadia Group, told CNBC.
The retailer is opening a 40,000 sq foot flagship store on Fifth Avenue in New York, one of the city's major retail thoroughfares, in Fall 2014. Green told CNBC that the location was vital to the brand's success.
"Fifth Avenue is probably one of the most relevant streets in the world in terms of shoppers, retail, tourists and local people…so it's pretty key in building our U.S. business," he told CNBC on Tuesday, adding that the new store would be second in size only to its London flagship on Oxford Street.
Known for its affordable style and collaborations over the years with designers and models such as Kate Moss and Alexander McQueen, Topshop has already expanded in Asia and it already has stores in New York (in Soho), Chicago, Los Angeles and Las Vegas. In the U.K. where the brand was founded in 1964, there are now over 300 stores.