The company ‘Fast Retailing Co’ decreased its year-long conjecture on market calculations on Friday, July 6, after experiencing a fall in sales at its Uniqio casual outfits chain in Japan. In order to step up its worldwide extension, the company accentuated the need for the biggest clothing dealer of Asia.
The Japanese company has competition with other renowned global firms like Hennes & Mauritz of Sweden, Inditex of Spain, and Gap of USA. The company has devised a plan to become the top apparel retailer of the world by 2020. For this reason, it has decreased its reliance on local market and boarded on a major overseas drive.
In the latest quarter, the sales of Uniqio in abroad have increased more than 60% than its sales of the previous year. On the other hand, their local sales have decreased to 1% during the same period. By considering these facts, Takayuki Suzuki, an analyst at Primo Research Japan, opined that concentrating on overseas market would be good for the company to accelerate its sales.
To stay in the loop, bookmark our homepage.