Uniqlo set to enter India

Japan’s richest man Tadashi Yanai met Prime Minister Narendra Modi and commerce minister Nirmala Sitharaman on Wednesday, sparking hopes that

his apparel retail chain Uniqlo is preparing to enter India. Speculations were rife in the past about Uniqlo, part of Fast Retailing Group planning to enter India through single brand retail. But the company had kept its plans on hold till the new government was elected. With a stable government taking charge at the Centre, the Japanese retailer is said to be exploring sourcing arrangements with Indian companies as it aims to apply under single-brand retail investment.

They are also expected to meet Textile Minister Santosh Kumar Gangwar to discuss the formalities and plans before officially announcing their entry into the market. According to a March 5 presentation on the Fast Retailing website, 40 percent of the firm’s revenue comes from its 466 international stores. The company plans to open over 155 more international stores in this fiscal year, it said in the same presentation The Japanese retail has suggested that it will open up to 1,000 stores in India in the coming years to tap into the growing consumption story and announced a strategy to source garments from the country.

Last year, the 10-billion dollars (over Rs 60,000 crores) Japanese fashion retailer was rumoured to be 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 talks to form equity joint venture with the Sanjay Lalbhai-led company.