Uniqlo Co Ltd: Uniqlo applies for single brand retail licence
NEW DELHI:
Japan’s fashion brandUNIQLO has
applied to the government for single brand retail business, completing the
triumvirate of global fast fashion icons in India along with Spain’s Zara and Sweden’s Hennes & Mauritz (H&M).Fast
Retailing Co., the Tokyo-listed $17 billion parent company, has filed for the
single brand licence of UNIQLO with the Department of Industrial Policy and Promotion on Tuesday, according to the department’s website.
Several
people familiar with UNIQLO’s plans, said the company would have a fully-owned
subsidiary in India, and that means UNIQLO has to locally source 30% of the
products to be sold in India. However, it is unclear how much UNIQLO is seeking
to invest in India.“Fast
Retailing believes India is a market with great potential, and can confirm that
the company has taken the first step towards a later introduction of UNIQLO to
customers in India. At the moment, we are awaiting word from the government,
and we will be able to discuss potential future steps at a later date,” said a
spokesperson of Fast Retailing in Tokyo.UNIQLO
has already been scouting for space in India for months and prominent malls
have been keen to accommodate the Japanese brand in their malls after Zara and
H&M brought them the highest footfalls and revenues.
Source: Et.retail.com,India
Thursday, 23 November 2017