Fast Retailing to open Uniqlo stores in Malaysia

MALAYSIA: Fast Retailing joint venture to open Uniqlo stores

By just-style.com | 29 June 2010

Japan's Fast Retailing Co Ltd, operator of the Uniqlo casual clothing chain, has set up a joint venture with Malaysian garment retailer DNP Clothing Sdn Bhd to expand its operations in the country.

The new business, called Uniqlo (Malaysia) Sdn Bhd, is based in Kuala Lumpur and is tasked with opening and managing Uniqlo stores in Malaysia.

Fast Retailing has a 55% stake in the MYR18. 8m (US$5.8m) venture, with DNP holding the remaining 45% share.

The Japanese firm operates around 800 Uniqlo stores in Japan, with other outlets in Asia including China (47 stores), Hong Kong (12), South Korea (46), Singapore (3).

Fast Retailing has been aggressively expanding in Asian markets, which it sees as the powerhouse of its future growth.

But these are also the markets where competitors such as H&M and Inditex, owner of the Zara fashion chain, are hoping to bolster their sales as western markets continue to be buffeted by the aftermath of the recession.

Sectors: Apparel, Retail

Companies: Uniqlo, Fast Retailing, Inditex, H&M, Zara