Fast Retailing to launch in India
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Uniqlo parent Fast Retailing has applied to open stores in India.
The Japanese fast-fashion giant has filed an application with India’s Department of Industrial Policy & Promotion to do business in the country under the Uniqlo brand.
“India is a market with great potential,” says Fast Retailing spokeswoman Pei-Chi Tung. The company has long been interested in entering India, but has been beaten by H&M and Zara which are already established in the apparel market Euromonitor International has predicted will grow 29 per cent to INR3.76 trillion (US$58 billion) by 2021.
Zara owner Inditex opened a flagship in Mumbai in May, which CEO Pablo Isla says has had a strong reception. It has just started online sales as well in India.
Fast Retailing last month reported its biggest jump in annual earnings in more than a decade, driven by a near doubling of operating profit at Uniqlo stores outside of Japan. Operating profit for the brand in China jumped 37 per cent for the year ended August 31, compared with a 6.4 per cent slump in Japan.
Questions & Answers
Q.Which other fashion retailers have already entered the Indian market?
Which other fashion retailers have already entered the Indian market?
H&M and Zara have already established themselves in India. Zara owner Inditex recently opened a flagship store in Mumbai and has just started online sales in the country.
Q.What is the predicted growth for the Indian apparel market by 2021?
What is the predicted growth for the Indian apparel market by 2021?
Euromonitor International predicts the Indian apparel market will grow by 29 per cent to reach INR3.76 trillion (US$58 billion) by 2021, indicating significant potential for retailers.
Q.How did Uniqlo's performance outside Japan contribute to Fast Retailing's recent earnings?
How did Uniqlo's performance outside Japan contribute to Fast Retailing's recent earnings?
A near doubling of operating profit at Uniqlo stores outside Japan drove Fast Retailing's biggest jump in annual earnings in over a decade. Operating profit in China alone rose 37 per cent.
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