Swedish fashion giant H&M will open the first 10 stores of it's new upmarket men's and womenswear chain in selected international markets next year.

The stores will sell clothing at higher prices than its fast-fashion H&M chain. London's Regent Street is tipped to be one of the locations for a store. The name of the new chain has yet to be revealed.

The retailer is also ramping up H&M's footwear offer, which is limited to lighter shoes at present. It will roll out an extended shoe offer of fashion-led styles to 200 stores and will also increase the number of outlets selling shoes.

H&M will open 100 stores in the second half of this financial year, mostly in the US, Spain, France, Germany and the United Kingdom.