Under Armour, a US-based sports clothing and accessories brand has chalked out a three-year plan to increase its annual sales by two-fold to $4bn by 2016.

In 2012, the company recorded annual sales of $1.8bn, an increase of 25% compared to the previous year.

Under the plan, the company is gearing up to extend its retail network to Australian market with the first outlet scheduled for opening in 2014.

In addition, the retailer is also looking to form a strategic partnership with Australian sports equipment and clothing chain Rebel Sport to grant exclusive distribution rights in the country, according to Business Day.

Commenting on the expansion plans, Under Armour CEO and founder Kevin Plank stated that Australia is an immense opportunity to boost its growth.

"The next time you’re here," Plank said, "you’ll see an American brand that is making strides as a global company."

Rebel Sport, which currently offers limited merchandise of the American brand, is expected to undertake heavy promotional activities for Under Armour.

The company’s Australian launch comes at a time when major brands including Spanish fast-fashion chain Zara, Japanese department store Uniqlo and Swedish store H&M are flocking to the country.

Under Armour, meanwhile, is gearing up to expand its business in nine other markets in a bid to increase its sales by two-fold over next three years.