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.
(Read more: Topshop's Philip Green: I don't like department stores)
Topshop store in Soho, New YorkCraig Warga | Bloomberg | Getty Images
In October 2013, Topshop — which is part of Green's Arcadia group empire which includes other fashion retailers Dorothy Perkins and Miss Selfridge – announced it was to accelerate its global expansion, with 150 franchise store openings across the world over 2014 and 28 of those would be opening in the U.S., where the brand would also launch five more of its own stores. Green said there were discussions for other Arcadia brands to retail in U.S. department stores as well.
(Read more: Billionaire Green plans 10 new Topshop stores in US)
The Topshop brand would continue to trade in U.S. department store chain Nordstrom and its website, Green said, and there were plans to expand too. He insisted there would be no conflict for the brand as it retailed though its own flagship stores and Nordstrom.
"These five stores are opening over 15 months and hopefully we'll grow our online business and our Nordstrom business, [but] there's still some way to go. This is not a stop, however, it's just about finding the right locations hopefully," he added.
(Read more: Kate Mossand Topshop are back in business)
The expansion of Topshop comes after Green sold a 25 percent stake in the brand in December 2012 to U.S. private equity firm Leonard Green & Partners, a deal which valued Topshop at £2 billion ($3.2 billion).
Green said the brand was making the most of the equity firm's knowledge of the U.S. market: "We want to grow the business with a solid American partner, which they are, they're very experienced and they've been very successful and it's about building a relationship over the long-term."
– By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt.
