- Kristopher Fraser |
Uniqlo's parent company Fast Retailing Co. has announced that the brand will be opening its first store in India next year as the retailer looks to break into the market of 1.2 billion people. The Japanese-based company intends to open a store in fall 2019. This store opening is a long time coming for Uniqlo, which has had its sights set on India since 2011.
The company will set up a wholly owned subsidiary in India and will focus on building its presence in the capital region of Delhi. India is a "significant step in the company's global strategy," Yanai said in a statement.
Uniqlo is on its path toward global domination to compete with other fast-fashion brands such as Zara, H&M and Forever 21. The company announced earlier this year that they would be expanding their European presence with stores in Sweden and The Netherlands. For two quarters in a row, Uniqlo's international sales surpassed their domestic revenue as Yanai has made international growth more of a focus for the brand.
India is considered a very important market for retailers nowadays as Euromonitor International has projected that India's apparel market could grow to 3.76 billion dollars by 2021. As India works to combat slow economic growth, the entrance of foreign companies and investors has become imperative to their economy. This new Uniqlo store will mark the brand's entrance into the South Asian region. The company has said they intend to hire local talent, bringing more jobs to the region according to The Hindu.
Currently, Uniqlo has around 2,000 stores in 19 markets worldwide including Japan, Australia, Belgium, Canada, China, France, Germany, Hong Kong, the UK, US, among others. Last year, Fast Retailing reported total global sales of 16.87 billion dollars for their entire portfolio of brands, which also includes J Brand and Theory among others.photo: via Uniqlo.com