Uniqlo expanding into Russia & India
Clothing store chain Uniqlo has announced plans to build new stores in Russia, India, and Singapore:
Fast Retailing Co. said it hoped to open a store in Russia as soon as possible as part of a global expansion that will also see it open the doors to the first Uniqlo outlet in Singapore in the first half of 2009.
The company is eyeing a foray into India while expanding in Vietnam and setting up an office in Bangladesh to oversee production there.
Fast Retailing founder and president Tadashi Yanai said the balance of power in the global economy was shifting to fast-growing developing economies such as China and India.
Yanai did not seem afraid of Uniqlo’s main international rival, H&M:
“They are not a threat to us,” Otoma said, adding that H&M’s arrival in Japan would help stimulate Japan’s sluggish clothing market.
