Uniqlo plans “unlimited” investment in India; new stores in the pipeline

 

Uniqlo sets eyes on India as it anticipates that the country will surpass China and Japan to become the largest market in the coming decade and also a sourcing base for Asia’s largest fashion retailer.

Tadashi Yanai, Founder and CEO of Fast Retailing, which owns Uniqlo, said in an interview that India could be ‘number one and the most exciting market in the world’ though he failed to give a time frame for that.

He added that Uniqlo aspires to be the ‘best selling retailer in India’.

“Indian market has 1.3 billion people and millions of them are getting qualified as a part of the middle class…this is the fact,” said Yanai, the richest Japanese businessman with a personal wealth of about US $ 30 billion. He further said “The budget is unlimited when it comes to investment (in India) and there is no capping.”

Uniqlo plans to tap the growing e-commerce route in India ‘as soon as possible’.

Yanai is a member of Softbank’s board, where he was a part of the decision to sell their stake in Flipkart to Walmart. Therefore, he is well versed with the Indian e-commerce market.

Uniqlo operates over 2,200 outlets globally in more than 20 countries including China, the US, Europe, Australia and Southeast Asia, and the Tokyo listed Fast Retailing reported revenues of US $ 19 billion and profit of US $ 1.4 billion for fiscal 2018.

The fast fashion brand plans to roll out its first store in India in the New Delhi region later this year. Mall executives said Uniqlo is opening stores in Ambience Mall in Vasant Kunj, DLF Place Mall in Saket and in Mall of India in Noida besides a smaller version outlet in CyberHub in Gurugram.

 

 

 

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