CHINA: Fast Retailing to open 1,000 Chinese stores
Japanese retailer Fast Retailing has unveiled plans to open 1,000 new stores in Greater China during the next ten years.
"Looking ahead to potential development in Asia, we believe that China, Hong Kong and Taiwan, along with Asean nations and India hold the greatest potential for future Uniqlo growth," the company said in its annual report.
It added that these markets are likely to experience an "explosion" in middle-class consumers.
Fast Retailing also expects to open 1,000 stores or more in other parts of Asia over the same time period.
The Japanese retailer is forecasting its Uniqlo International business to overtake its Uniqlo Japanese division in 2015.
To achieve this, the company aims to add 200-300 Uniqlo stores to its portfolio every year. This includes 100 stores in Greater China, between 50 and 100 in Asia as well as 50-100 in Europe and the US.
"Looking ahead to potential development in Asia, we believe that China, Hong Kong and Taiwan, along with Asean nations and India hold the greatest potential for future Uniqlo growth," the company said.
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