Uniqlo owner scouts for more India partners after 60% sales jump

INDUSTRY UPDATES

Fast Retailing Co.s Uniqlo brand will be scouting for more manufacturing partners in India to rapidly expand its operations after seeing a 60% jump in sales in the world’s most-populous nation.

Tomohiko Sei, chief executive officer of Uniqlo India, told reporters on Thursday in Mumbai as he inaugurated Uniqlo’s first store in India’s financial capital

Sweet Spot

Amid China’s economic slowdown and geopolitical tensions with Western economies, India with its 1.4 billion people, young shoppers and rising affluence is emerging as a sweet spot for global companies looking for growth opportunities. The Centre for Economics and Business Research predicts that India may become a $10 trillion economy by 2035.

“Definitely there is a big opportunity in India because the population is very big and economic growth is very strong,” Sei said. “India is quite an important market, not just for Uniqlo but for all other companies.”

Fast Retailing, which generates majority of sales from Japan and China, is pivoting its focus to markets such as North America, Europe and other parts of Asia as uncertainty around apparel demand has been on the rise due to geopolitical tensions between China and the US.

Article Courtesy: Fashion Network

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