British luxury brand Burberry plans to open new, larger-format retail stores this year following a successful 24 percent rise in revenues in 2011.

Having opened 23 new stores in fiscal 2012 including flagships in Paris, Hong Kong and Taipei, the company has outlined plans to increase its retail division by between 12 and 14 per cent this year.

The new, bigger stores will be opened predominantly in the company's flagship markets, with Burberry revealing plans for London, Chicago and Hong Kong.

Its investment in front-end growth will see it assign a capital outlay of between £180 million and £200 million.