With Rs 2.2 cr in 2 days, Uniqlo makes an impressive start
Uniqlo, Japan's largest fashion brand, opened its first store in India for public on Friday, offering competition to Spain's Zara and H&M.
Uniqlo, Japan's largest fashion brand, opened its first store in India for public on Friday, offering competition to Spain's Zara and H&M. A spokesperson for Uniqlo did not answer specific questions on business the store generated on the first two days but said the company was "thrilled with the response from Indian customers, especially with the feedback our store received directly over the opening weekend." The 35,000-sq ft in Vasant Kunj’s Ambience Mall, spread over three floors, is the first of the three outlets Uniqlo has announced to open in the country in the initial phase.
In the coming months, the Japanese retailer plans to open two more outlets in the National Capital Region, one in DLF Avenue Mall in Saket and another smaller version in DLF CyberHub in Gurgaon. India is the third country that the flagship label of Tokyo-based Fast Retailing is entering this year, along with Italy and Vietnam. Over the decades, Tadashi Yanai, founder of Fast Retailing, has transformed his father’s small clothing shop business into one of the world's largest fashion powerhouses. In 1984, in Hiroshima, he founded Unique Clothing, which is currently known as Uniqlo.
Uniqlo operates more than 2,200 outlets in 23 countries, including China, the US, Europe, Australia and Southeast Asia. Tokyo-listed Fast Retailing reported revenue of $19 billion and profit of $1.4 billion for fiscal 2018. "Fast Retailing has long wished to open stores in India, in view of the tremendous potential of a nation of 1.3 billion people that generates annual GDP growth of 7% and has an average age of 27," Yanai, who is also the richest businessman in Japan, said at the time of store inauguration. In an interview to ET in June, Yanai had said that India will be Uniqlo's fastest growing market in the coming decades.