Blog: Uniqlo boss sets out aggressive Asia retail plan
Joe Ayling | 9 April 2009
Reading between the lines it seems the boss of Uniqlo parent group Fast Retailing is setting his sights on the emerging Asian retail markets while Europe weathers the economic storm.
Tadashi Yanai, chairman, president and chief executive officer of the Japanese retail group, says in a recent interview he wants Uniqlo in Asia to mirror the dominance that H&M and Zara have in Europe.
Today (9 April) the group posted interim net income of JPY35.5bn (US$354m), up 24.1%, and said it wants to double its Asian store count to 76 by the end of August.
In the longer term Yanai says he wants to open 100 stores in both South Korea and China, where the company produces the vast majority of its garments.
In Europe, rather than swim against the economic consumer tide, Uniqlo is finding functional synergies like combining the back-office functions of newly-acquired Comptoir Des Cotnniers and Princesse Tam Tam subsidiaries.
He also thinks Fast Retailing, which also runs the Gov Retailing and Cabin chains in Japan, can become number one among its fast fashion peers by 2020.
I'm sure Inditex, H&M and perhaps even Primark might have a thing or two to say about this...
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