by winston » Fri Aug 07, 2015 6:21 am
Fast spreads its wings
Japanese apparel chain Uniqlo's parent company, Fast Retailing (6288), is spreading its wings. The firm said this week it is in talks to form a partnership with Seven & i Holdings, operator of the 7-Eleven convenience stores.
Also this week, Fast Retailing said it was planning to broaden its collaboration with the Walt Disney Company. The two companies will jointly design products, including clothing and toys, featuring characters and themes from Disney, Marvel action, Star Wars and Pixar.
Tadashi Yanai, chairman and chief executive of Fast Retailing, hopes that through the collaboration with Disney, the company could lead the way in retail innovation, and sales in China would get a further boost.
"While sales of luxury goods are slumping in China, hurt by a crackdown on corruption and an economic slowdown, the market for US$5 [HK$39] T-shirts, US$10 polos and US$30 jeans like those sold at Uniqlo remains robust," Yanai told The Wall Street Journal.
With nearly 370 stores in China, Uniqlo plans to open 100 more annually in the future. Yanai said the total could eventually rise to 3,000, three times more than its stores in Japan. Fast Retailing shares fell 3.04 percent to HK$35.10 yesterday.
Source: The Standard HK
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