UK retailer JD Sports Fashion has revealed plans to launch a value fashion chain, with store numbers expected to see double-digit growth by the end of the year.

The own brand fashion concept, which is likely to trade as Open, will focus around every day value fashion basics, JD said in a statement. The company added that it has "built an experienced team" for the launch during the second half of 2014.

"It will not in any way resemble the previous Open concept operated by the group in Liverpool and Glasgow ten years ago," the statement added.

Earlier this month, JD Sports hailed a "robust performance" over Christmas, driven by its core sports fascias, and expects further growth elsewhere in the group this year.

The retailer has expanded its brand portfolio over the last few months, with the addition of majority stakes in ActivInstinct, an online retailer of technical sporting and outdoor wear, and outdoor clothing and equipment business Tiso Group.

Last year, JD Sports also acquired the Ark fashion chain out of administration, as well as youth clothing brand Gio Goi