Asia’s high clothes retailer is betting it may well emerge from the coronavirus storm in a greater place than Western rivals,
partially by specializing in China and persevering with to construct bodily shops.
Uniqlo, owned by Fast Retailing Co. FRCOY -0.56% , sells the type of informal, modestly priced clothes that the work-from-home crowd and different customers are gravitating towards through the pandemic. Chief Govt Tadashi Yanai mentioned the corporate’s base within the rising cities of rising Asia leaves it loads of room for progress.
“This will lastly be the turning level after we transfer from the age of the West to the age of Asia,” mentioned Mr. Yanai, sporting a Uniqlo masks and sitting at a big convention desk on the corporate’s govt ground. “Our hope is to change into the world’s No. 1 attire model.”
Rivals corresponding to Spain’s Inditex SA, which operates Zara, and Sweden’s Hennes & Mauritz AB not too long ago have introduced plans for retailer closures, though they nonetheless have many greater than Uniqlo. Inditex has mentioned it will lower up to 1,200, or 12%, of its stores, whereas H&M mentioned Oct. 1 it would close 250 stores, 5% of the total, and step up digital investments.