CHINA: Fast Retailing to push ahead with Chinese expansion
Founder and CEO Tadashi Yanai said China, which is similar to other markets in Asia, provide plenty of opportunity for businesses to grow in the region, using the term "gold rush" to refer to the growth at a Toray Industries and Uniqlo joint press conference on Tuesday (26 September).
Yanai added that the company aims to open 100 new stores in China annually and said the situation in China today is "business as usual".
Fast Retailing shuttered nearly one-third of its Uniqlo stores in China, following anti-Japanese demonstrations after a diplomatic dispute over a group of islands in the East China Sea last week.
The retailer closed 42 of its 145 Chinese stores and told 200 Japanese employees to stay at home.
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Casual clothing retailer Uniqlo has booked a 9.6% increase in Japanese same-store sales in February, driven by strong sales of winter apparel....
Specialty clothing retailer Gap Inc has remained coy on reports Japanese retail giant Fast Retailing has expressed interest in buying the company....
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