The parent company of Uniqlo, Fast Retailing Group has signed a letting for the former Superdry store on Regent Street.
The store is expected to sell a mixture of both Theory and Uniqlo clothing.
The contemporary fashion brand Theory launched in New York in 1997 and at the end of February 2021, it holds 436 stores worldwide.
The Japanese fashion retailer’s other brands, including US-based denim brand J Brand, could also be sold in the store, property sources said.
The store is expected to open later this year although the exact date is not yet known.
Last month Superdry closed the doors to its Regent Street flagship store, which first opened in 2011.
The retailer is currently considering several locations in the capital, including Forever 21’s former flagship store on Oxford Street, which was forced to closed last year after the retailer filed for administration in the UK.