Uniqlo owner to raise prices on fleece products due to weak yen
In this article (4)
The owner of Japanese clothing brand Uniqlo said on Tuesday it will raise prices on some goods this fall, reflecting increasing cost pressures from the weak yen and logistical hurdles.
Prices on fleece goods and down jackets in the fall/winter product lines will go up by 1,000 yen (US$7.54), a spokesperson confirmed, after an earlier report by the Jiji news service. The company is also increasing the use of recycled polyester in its fleece products to keep costs down.
Consumer prices are surging in Japan after decades of deflation, driven by the yen’s drop to a 20-year low against the dollar and soaring energy costs.
Fast Retailing has competed on low-cost basics like socks and underwear for decades, but its executives have warned recently that rising production costs would necessitate price hikes.
Founder Tadashi Yanai in April railed against the decline in Japan’s currency, saying there was “absolutely no merit” in a weak yen.
Questions & Answers
Q.Which specific product lines will see price increases this autumn?
Which specific product lines will see price increases this autumn?
Prices will go up on fleece goods and down jackets that are part of the fall/winter product lines. A spokesperson confirmed these specific items will be affected by the price adjustments this season.
Q.How much will the price of affected products increase?
How much will the price of affected products increase?
The prices on fleece goods and down jackets will increase by 1,000 yen (US$7.54). This specific price hike was confirmed by a spokesperson for the company.
Q.What is the company doing to help mitigate rising costs?
What is the company doing to help mitigate rising costs?
The company is increasing its use of recycled polyester in fleece products. This measure is being implemented specifically to help keep production costs down amidst the current economic pressures.