Apparel major will open three stores in Delhi-NCR region
Japanese global apparel retailer Uniqlo on Wednesday said it is foraying into the Indian market and will open three stores this year.
Announcing its strategic rollout plan, the company said that given the size and fast growth rate of the Indian market, the launch will involve three separate stores in the Delhi-NCR region.
The first of the three stores will open its doorsin October, it added.
In a statement, Tadashi Yanai, Uniqlo founder and Chairman, and President and CEO of Fast Retailing, said, “We are committed to the Indian market and are very excited to be launching our first three stores in Delhi, a region that embraces diversity and culture, from art and design to craftsmanship and fashion.”
The first Uniqlo store will be located in Vasant Kunj, New Delhi, and will have close to 35,000 sq ft in total sales area on three levels.
The second and third stores will be located at DLF Place Saket in South Delhi and DLF CyberHub in Gurugram, respectively.
The Japanese retail major said the full range of LifeWear for men, women, kids and babies, including its popular line of Uniqlo T-shirts, will be available at these stores.
Single-brand retail
The Japanese retailer joins the list of global retailers who have set-up their stores in the country under the single-brand retail policy which allows 100 per cent FDI. Other global players that have entered the country through the single-brand retail route include Swedish fashion retailer H&M and furniture major Ikea.
The company’s rollout announcement comes at a time when the government is in the process of easing the local sourcing norms for single brand retailers. Under the existing policy, 30 per cent local sourcing is mandatory for single brand retail companies when the FDI exceeds 51 per cent.
Globally, Uniqlo has more than 2,000 stores in 22 markets, including Australia, Belgium, Canada, China, Denmark, France, Germany, Hong Kong, the UK and the US.
Published On : 17-07-2019
Source : The Hindu Businessline
