Uniqlo on Track to Overtake H&M, Eyes Zara for Global No. 1
- Uniqlo owner Fast Retailing's annual revenue climbed 17% to a record 3.96 trillion yen , positioning the Japanese clothing retailer to potentially surpass Hennes and Mauritz as the world's second-largest apparel company.
- Despite ongoing political tensions between Beijing and Tokyo, Fast Retailing's operations in China logged a rebound, with revenue climbing 3 per cent and business profits rising roughly 18 per cent.
- According to the annual report released on Thursday, performance improvements were driven by structural reforms including a store network revamp that shuttered smaller outlets in favor of larger-format locations.
- Fast Retailing forecasts operating profit to reach 830 billion yen for the coming fiscal year, matching analysts' expectations as the company continues expanding into North America and Europe.
- Chief executive Tadashi Yanai aims to reach 10 trillion yen in total sales, targeting growth in South-east Asia, Australia, and India to build the global apparel powerhouse he has long envisioned.
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25 Articles
Fast Retailing's sales, the Japanese multinational behind the brand, have climbed by almost 17% in a year. A success against the current of fast-fashion and which should allow it to pass the world's number two fashion, behind Zara, notes Isabelle Chaperon, columnist at the "World Economy" service.
The Japanese group can advance H&M as second textile operator and prepares the international jump of its second brand, GU
(Tokyo=Yonhap News) Correspondent Cho Seong-mi = Fast Retailing, which operates the Japanese fast fashion brand Uniqlo, has overtaken the Swedish company H&M in sales...
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Uniqlo's owner, Fast Retailing, is on track to overtake H&M as the world's second-largest fashion retail group. Thanks to store openings in Europe and North America and relatively simple-looking clothing that is selling well, revenue for the Japanese retailer rose by 17 percent in a year.
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