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US fashion chain comes to London

The American fashion chain Forever 21 will open its first London branch in Oxford Street next year after acquiring the lease on a huge shop from the entertainment retailer HMV for nearly £14m. Forever 21 launched its first store in Birmingham's Bullring centre and in Dublin this month and hopes to create 100 outlets across Britain.

The London store, covering 35,000 square feet, is opposite Bond Street Tube station. Larry Meyer, the executive vice-president, said: "Oxford Street is one of the most renowned shopping locations in the world and ideally suited for Forever 21. The reaction in to our Birmingham store was very strong."

Forever 21 will go head to head with Primark, H&M and New Look. The chain was founded as Fashion 21 in Los Angeles in 1984 by Dong-Won Chang, a South Korean, and his wife, Jin Sook.