Hong Kong-based Circle Group, represented by Savills, has let 409 Oxford Street in London to Polish cosmetics retailer Inglot.  At £1,113 Zone A, the deal has set a new record rent for Oxford Street.

Inglot has agreed a new 10-year lease for the 600 sq ft (58 sq m) unit at a total annual rent of £625,000.  The store will be its third in the UK following successful openings at Westfield London and Westfield Stratford City.

This deal continues the trend of international brands establishing a presence in the West End, with 10 new global retailers opening their first store in London to so far this year including APM Monaco, Ron Dorff and GH Bass.  A further 13 international retailers are expected to open their first store in the capital by the end of 2016, including Philip Plein, Ellie Saab and Maiyet

Sam Foyle, Oxford Street specialist at Savills, comments: “We are pleased to have secured another hugely successful global brand for Oxford Street.  Competition among retailers for the best locations remains aggressive, as reflected by the record rent agreed with Inglot.”

Anthony Selwyn, head of Central London retail at Savills, adds: “Oxford Street continues to act as a strong magnet‎ for new brands coming to London.  Given Crossrail’s influence and discussions about the potential pedestrianisation of Oxford Street, we expect to see a surge of new entrants focusing on the street over the next 12 to 24 months.”

Inglot was represented by BC Retail.

Savills also secured the previous record rent for Oxford Street with a letting to Swatch Group Ltd at £1,010 Zone A in July 2015.