CHINA: Fast Retailing sets up unit to drive Uniqlo growth
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.
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Fast Retailing, which operates the Uniqlo brand, has said it expects sales to top JPY1trn in 2013 as it continues to grow aggressively outside of its Japanese home market. ...
Japanese retailer Fast Retailing has revealed it will open its first multi-brand department store in Tokyo next month....
A slow start to the autumn and winter season pushed Japanese casual clothing retailer Uniqlo to a 2.4% fall in September same-store sales....
Japanese retailer Fast Retailing has no intention of slowing the expansion of its Uniqlo casual clothing brand in China, despite anti-Japanese demonstrations last week. ...
Japanese retail giant Fast Retailing Co has shuttered nearly one-third of its Uniqlo casual clothing stores in China following anti-Japan demonstrations in the wake of a diplomatic dispute between Asi...
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