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Japanese retail chain aims for global high
Source: Agencies |
September 15, 2011, Thursday
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Print Edition
Print Edition
FAST Retailing plans to accelerate overseas expansion of its Uniqlo stores in a bid to become the world's top apparel manufacturer and retailer.
Unveiling a new global business strategy yesterday, chief executive and founder Tadashi Yanai said Japanese companies are doomed if they do not go global. The country's population is shrinking and aging rapidly, and its economy is stubbornly stagnant.
"Japan has been on a downtrend for 20 years," said Yanai, who is known for his outspoken views. "We are at a critical moment."
Fast Retailing aims to open 200 to 300 stores worldwide each year, with a heavy focus on rapidly growing Asia.
Within two to three years, Fast Retailing aims to have 100 billion yen (US$1.3 billion) businesses in both China and South Korea. It also plans to open a "large number" of stores in southeast Asian countries like Malaysia, Thailand and Indonesia.
Yanai said of Asia: "A gold rush is right in front of our eyes. To say we will not dig for it is inconceivable."
In Europe and the US, it plans to open flagship and large stores in New York, Paris and London, as well as regular outlets in other major cities.
Yanai, who was named Japan's richest person by Forbes magazine last year, found success through Uniqlo by offering inexpensive casual clothing made with Japanese sensibilities and technology.
Overall, the company is looking to increase revenue by 500 billion yen annually. In 2020, it hopes to generate 5 trillion yen in sales to surpass rivals like Gap and Spain's Inditex, which owns the Zara brand.
Unveiling a new global business strategy yesterday, chief executive and founder Tadashi Yanai said Japanese companies are doomed if they do not go global. The country's population is shrinking and aging rapidly, and its economy is stubbornly stagnant.
"Japan has been on a downtrend for 20 years," said Yanai, who is known for his outspoken views. "We are at a critical moment."
Fast Retailing aims to open 200 to 300 stores worldwide each year, with a heavy focus on rapidly growing Asia.
Within two to three years, Fast Retailing aims to have 100 billion yen (US$1.3 billion) businesses in both China and South Korea. It also plans to open a "large number" of stores in southeast Asian countries like Malaysia, Thailand and Indonesia.
Yanai said of Asia: "A gold rush is right in front of our eyes. To say we will not dig for it is inconceivable."
In Europe and the US, it plans to open flagship and large stores in New York, Paris and London, as well as regular outlets in other major cities.
Yanai, who was named Japan's richest person by Forbes magazine last year, found success through Uniqlo by offering inexpensive casual clothing made with Japanese sensibilities and technology.
Overall, the company is looking to increase revenue by 500 billion yen annually. In 2020, it hopes to generate 5 trillion yen in sales to surpass rivals like Gap and Spain's Inditex, which owns the Zara brand.
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