Italian fashion group Benetton is revamping its London flagship store as part of a drive to overhaul its flagships in key European cities.

The London shop, on a corner of the Oxford Circus crossroads, is closed and will reopen on August 19. The retailer said it aimed to combine the ā€œpioneering spiritā€ of the brand with a ā€œsense of London’s history and heritageā€.

Each flagship will be overhauled to give it a local feel. Benetton also wants to revamp stores in top European cities including Frankfurt, Milan and Paris.

The London store revamp includes a restoration of the original building and makes use of natural light, plain materials, and ā€œclean lines and shapesā€.

The retailer revealed a net income rise from E29m (Ā£24m) to E40m (Ā£33m) in the first half of 2010, boosted by a ā€œpositive trendā€ in exchange rates and a focus on higher-value products.