Japanese casual clothing retailer UNIQLO unveiled its plans to open its first store in Vietnam during the fall of 2019, marking its further expansion in Southeast Asia.
HCM City (VNA) – Japanese casual clothing retailer UNIQLO unveiled its plans to openits first store in Vietnam during the fall of 2019, marking its further expansionin Southeast Asia.
“The Southeast Asia region has been an important growth driver forus, and we are pleased and optimistic about our opportunity to be part of suchan exciting economy and retail market,” said Tadashi Yanai, Chairman, Presidentand CEO of Fast Retailing Co., Ltd., the parent company of UNIQLO.
“Welook forward to introducing Uniqlo and our high-quality, affordable LifeWear apparelin Vietnam, as well as making a positive contribution to the economy andcommunities where we operate,” Yanai added.
The first UNIQLOstore will be opened in Ho Chi Minh City andoperate under a joint venture between Mitsubishi Corporation and FastRetailing, who will own 25 percent and 75 percent of the company, respectively.
Morestores will be available in the city before they expand to other parts ofVietnam.
UNIQLOwill also soon begin recruiting key employees for its operation in Vietnamthrough the launch of its UNIQLO Manager Candidate programme.
The Japanese retailer plans to double its number of stores inSoutheast Asia and Oceania to about 400 by 2022. The brand’s globalnetwork currently covers 20 markets in Asia, Europe, North America,and Australia, with a total of about 2,000 stores.
The firm also aims to triple its revenue in SoutheastAsia to 300 billion JPY (2.71 billion USD) in the year ending in August2022.
Last fiscal year, ending in August 2017, its parent company,Fast Retailing Co., Ltd., earned 16.87 billion USD in revenue.
The upcoming appearance of UNIQLO in Vietnam will place it incompetition with some of the well-known foreign brands like Zara and H&Malready present in the country. Currently, Vietnamese people can only purchaseUniqlo products from individual sellers or order them from other countries.–VNA
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Illustrative photo (Source: cafe.vn) 
