Tom Ford is preparing to open his first London store.

The designer will open a standalone outlet on Sloane Street in the city's exclusive Knightsbridge district.

The shop will occupy an 8,000 square-foot space near to stores by Harvey Nichols and Sergio Rossi.

The designer has signed a £1.3 million per year rental lease for the store, which will last 10 years, according to a report in The Sunday Times newspaper.

Hugh Seaborn, Chief Executive of The Cadogan Estate, which is leasing the store to the company said: ''We are delighted to have secured such a big name fashion brand as the anchor to 201-206 Sloane Street.

''With Tom Ford's arrival - and Alberta Ferretti also opening a flagship store, it enhances the 'super luxury' offering of the development and seals its reputation as a world-class fashion destination.''

Tom opened his first British womenswear shop within department store Harrods in July last year.

His collections are also stocked in Harvey Nichols and Selfridges.

The new flagship store will carry a full portfolio of Tom's products, including menswear, women's clothes, eyewear and accessories.

The designer recently told how he has a functional approach to his creations.

He said: ''I am a commercial fashion designer. I always design jackets with two sleeves. I don't design jackets with three sleeves or the layers and layers come off like little dolls from Russia.

''Fashion for me is a creative endeavour but it is not art for me.''

The flagship store is set to open in 2013.