US retailer Forever 21 is planning to increase its investment in India after seeing a huge opportunity in its comeback in the country.

Forever 21 says it will invest US$50 million to open around 35 new stores over the next five years with new local partner DLF Brands.

The partners have already opened two stores after establishing their alliance in October.

Forever 21 closed its debut Indian store early this year after a failed partnership with Sharaf Retail.

Founder and CEO Do Won Chang says India’s huge population offers a significant growth opportunity for the retailer.

Boston Consulting Group estimates that spending on apparel in India will rise 3.8 times to US$225 billion over the next seven to eight years.

Across Asia, Forever 21 plans opening 300 to 500 new stores within the next five to seven years.