Uniqlo all set to open 100 stores in India

Japan’s casual wear chain Uniqlo, a part of Fast Retailing Group, is expected to open 100 stores across India under

single brand foreign direct investment (FDI). Top executives of Fast Retailing met senior government officials during Indian Prime Minister Narendra Modi’s recent visit to Japan, hinting at their plans getting finalised.

Last year the buzz was that the 10-billion dollars (over Rs 60,000 crores) Japanese fashion retailer was inking a joint venture with Arvind to build business in India by the end of the current decade. Uniqlo’s parent Fast Retailing, which rivals Zara, H&M, and Gap, was said to be in talks to form equity joint venture with the Sanjay Lalbhai-led company. Arvind recently entered into joint venture partnerships with The Children’s Place and Gap to open their outlets in India in 2015. However, Uniqlo has decided to foray on its own.

Uniqlo’s planned investment in India, according to the experts, is expected to surpass the Rs 10,500 crores committed by Swedish furniture retailer Ikea that plans to open 25 stores by 2020. The Group’s India plans were discussed when Uniqlo’s Chairman Tadashi Yanai met with PM Modi soon after he took charge at the centre.

Uniqlo’s stores are spread across 16 nations that include Japan, China, Hong Kong, Taiwan, Korea, UK, US, France, Germany South Korea, Singapore and Russia.