The fashion retailer said it could eventually have about 15 stores in the US. Topshop's owner, Sir Philip Green, said he sees the chain concentrating in major US cities, such as New York, Los Angeles and Miami.

The initial investment in the New York store was around £15m which Sir Philip said was "many miles within our comfort zone". "We haven't stretched ourselves to do this financially," he said, noting his company's debt-to-earnings ratio is less than 1.5%.

"We could make a deal for a billion dollars tonight and we don't need to phone anybody." Sir Philip said Topshop, whose clothes include a line designed by Kate Moss, would appeal to US consumers, citing the company's track record of setting fashion trends and delivering "top quality and great value".

Some analysts are cautious about Topshop's stateside success, given the poor track record of UK companies trying to break into the US market. Marks & Spencer and Sainsbury's have both withdrawn from the US in recent years.

"The timing doesn't look great. It looks a pretty crowded market," said Nick Bubb, a retail analyst at Pali International. Sir Philip Green's Arcadia Group is the UK's largest privately owned retailer, with more than 2,500 stores, plus about 420 franchise shops in Europe and Asia.