- Uniqlo, A Japanese fashion brand targets to open three stores in India, in the Delhi-NCR region starting with its debut store in October.
- Uniqlo was founded by Billionaire Tadashi Yanai and is the third-largest retailer in the world, after Inditex and H&M.
Uniqlo, A Japanese fashion brand targets to open three stores in India, in the Delhi-NCR region starting with its debut store in October. It is a part of Japan’s Fast Retailing Co. Ltd.
Expansion to India will help the brand’s global strategy as it tries to beat Spain’s Zara and Swedish retailer H&M to sell more clothes globally.
After the first store, they plan to open two more stores subsequently in Saket of Delhi and Cyberhub of Gurugram.
Tadashi Yanai founder and chairman of Uniqlo said, “The opening of our first store, Uniqlo Ambience Mall Vasant Kunj, followed by a second and third store a little later represents a significant step in our company’s global strategy.”
This is the first time when any retailer is launching multiple stores in the market during its debut in Indian Market. The company said, “Give a huge size and pacy growth of the Indian market, the launch will for the first time involve three separate stores to be able to offer LifeWear to as many people as possible.”
The first store is designed over 35,000 square feet of space and across three floors. It will open in the City’s Ambience Mall in Vasant Kunj that also have brands such as H&M. Uniqlo will launch its full collection for kids, men, women, and babies and will sell Asia-specific sizes in the market.
The retailer previewed the collection to shoppers in India via its website with t-shirts for men starting at Rs. 490, pants for women starting at Rs. 1,490, formal men’s shirts were priced between Rs. 1,990 to Rs. 2,490. The brand’s iconic Ultra-light down vests jackets start at Rs. 3,490 and go up to Rs. 4,990. The website is not selling anything, it is just for the preview.
The Company appointed Tomohiko Sei as the company’s Chief Executive Officer for India, along with Shantanu, who was hired as brand director earlier this year.
Uniqlo becomes one of the big global brands to enter India and to set up business in the country under its 100 percent single brand FDI that has seen the involvement of big names such as IKEA, and fashion brand H&M. Nirmala Sitharaman recently announced further relaxation to India’s sourcing norms for single-brand retailers. Currently, India requires brands applying for single-brand FDI (above 51 percent) to adhere to 30 percent mandatory local sourcing.
History Of Uniqlo
Uniqlo was founded by Billionaire Tadashi Yanai and is the third-largest retailer in the world, after Inditex and H&M. The brand has more than 3,445 stores all over the world, and India will surely prove to be a huge market for them. During the end of FY18, Uniqlo’s revenues, according to its own reports, were 2,130 Billion Yen. In Japan itself, there are over 800 stores and this brand account for 6.5% of fast retail sales. Its first store was launched in Hiroshima in 1984. Now, it is present all over the world in the UK, Singapore, South Korea, China, Russia, and Australia. Company executives had also hinted that Uniqlo will add more than 100 new stores in the Greater China region this year.
With another retailing giant entering the Indian market, it will be good to see how the competition increases. Whosoever is gonna win this competition, the customer is the clear winner with a broad range of brands to choose from.