Japanese retail giant Fast Retailing Co is to set up a subsidiary company in China to oversee its "aggressive" expansion plans in the country.

The announcement comes after the retailer last month said it planned to open 62 stores in China during its current financial year, taking its store count there to 142 stores by the end of August.

Describing the expansion of the Uniqlo store network in China as "one of the most significant business challenges facing Fast Retailing at present," the company today (17 May) said it plans to invest US$35m in Fast Retailing (Shanghai) Apparel Co.

The push to roll-out global stores comes after Fast Retailing said it wants to reach global sales of JPY5 trillion ($59.5bn) by 2020 and become the biggest clothing retailer in the world within the next decade.

There are currently more than 800 Uniqlo stores in Japan, and 234 international stores.