New Balance, the sportswear brand favoured by Rihanna, is planning to open a flagship store in Oxford Street next year as it aims to challenge Nike and Adidas.

It will be the 110-year-old firm's first foray onto the British high street in a standalone capacity.

Fran Allen, New Balance's vice president for Europe, said: "It will allow us to present the brand to millions of consumers with a powerful retail message."

Allen also said that the opening "fires our ambition to be amongst the top three global sporting brands".

To this end, earlier this year New Balance inked a sports sponsorship and merchandising deal with Liverpool potentially worth £300m ($464m, €416m).

It also sponsors Stoke City, Sevilla and Porto in addition to footballers Vincent Kompany and Marouane Fellaini.

Vincent Kompany
Manchester City captain Vincent Kompany is backed by New Balance Getty

In cricket, the firm sponsors a number of superstars such as South Africa fast bowler Dale Steyn and England batsman Gary Ballance.

New Balance operates a UK manufacturing facility in Cumbria which produces over 28,000 pairs of shoes per week, 90% of which are sold to European markets.

The Boston-based firm raked in $3.3bn in revenue last year, with around 25% of sales coming from international markets.