Uniqlo is a Japanese casual wear designer, manufacturer, and
retailer. The company is a fast retailing chain of Japan. Uniqlo operates in
Australia, China, Bangladesh, France, Germany, Hong Kong, Macau, Malaysia,
Singapore, UK, USA, and some other countries of the world. It was founded in
1949 and in 1985 company opened their first casual wear store.
After BJP government in country, Tadashi Yanai, CEO of Uniqlo
met new PM Narendra Modi and Commerce Minister Nirmala Sitharaman in New Delhi.
Just after a night, the Japanese retail giant has revealed plans to open up to
1000 stores in India in coming ten years. This would be the largest number of
stores by them in any country after China, where the number of stores is 793.
It is not clear if Uniqlo will tie in a partner for its
single brand retail foray or operate through a wholly owned subsidiary in the
country. India enjoys advantages in garment sector including availability of
cotton, skilled workforce, robust infrastructure, and good ports for exports.
Uniqlo will source garments from India for exporting to other countries.
Company is already in talks with Apparel Export Promotion Council to identify
10 suitable garment company exporters with the right scale. It will add value to
company and country growth. India allows clothing retailers to open stores in
India if they source at least 30% of their products in the country.
Company would target annual group sales of 5 trillion yen and
profit from operations of 1 trillion yen by 2020. Company aims to become the
largest manufacturer of Apparel by 2020 with a growth of 20% per year. The
company’s International business target breaks down as one trillion yen in
China, one trillion in other Asian countries, one trillion in Europe and one
trillion in United States.
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