Australian clothing and footwear retailer, RM Williams, is planning to expand its global footprint, earmarking Asia as one of its major markets.

RM Williams, fresh from receiving a major capital investment from Louis Vuitton arm L Capital Asia, has 68 stores including flagships in London and New York.

The iconic brand plans to open eight new monobrand stores in Europe from 2015 onwards as well as store in store concepts.

Beginning 2016, the retailer plans to aggressively expand in Asia to boost its global revenues from $119 million currently to more than $500 million in five to seven years.

“Asian expansion is one of the components of growth,” said Sanjay Gujral, regional MD for L Capital Asia.

The potential for the brand is not only in Singapore and Hong Kong. It clearly has potential in North Asia also.”

RM Williams also sees potential to grow locally, with plans to revamp its CBD stores. There are also plans for the retail chain to open more concession stores with department store Myer.

“We believe that the Australian market in itself offers a lot of upside,” Gujral said.