Uniqlo to open in Vietnam next year

Uniqlo Vietnam will launch next year.

The Japanese fast-fashion brand says it will open its first store in Ho Chi Minh City in the second quarter of next year, with the exact location to be advised later.

The Uniqlo Vietnam launch announcement follows successful debuts in the fast-growing market by archrivals H&M from Sweden and Spanish-headquartered Zara during the last two years.

“Our entry into Vietnam is an exciting milestone for everyone at Uniqlo,” said Tadashi Yanai, chairman, president and CEO of Uniqlo’s parent Fast Retailing.

“The Southeast Asia region has been an important driver of growth for us, and we are pleased and optimistic about our opportunity to be a part of such an exciting economy and retail market,” he said

Uniqlo will begin recruiting local talent soon in preparation for the opening of its first store.

Uniqlo Vietnam will be a joint venture 75 per cent owned by its Singapore subsidiary and 25 per cent by Mitsubishi Corporation, with no local shareholding.

With the first Uniqlo Vietnam store located in Ho Chi Minh City, the company says it will focus on establishing its presence and brand awareness there before considering other cities.