Speedo, the swimwear designer and manufacturer which is owned by the UK's Pentland Group, has opened its first Australian retail outlet in Sydney.

The company closed its Australian manufacturing plant in February, citing high production costs as the reason behind the decision, but now says it plans to open another three retail stores in the country.

Speedo was first launched in Australia in 1914, and has become one of the most well-known swimwear brands in the world.