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Uniqlo taps into the middle

Date: 2018-09-07
Times of browsing: 19

Uniqlo will enter the Vietnamese market and is scheduled to open in ho chi minh city in the fall of 2019, the Japan economic news reported on September 4. Fast retailing will set up a joint venture with mitsubishi to run the operation. Uniqlo is aggressively opening stores in southeast Asia, where economic growth is expected, tapping into the growing demand of the middle class in Vietnam.

Fast retailing and mitsubishi will set up a new joint venture in Vietnam, uniqlo Vietnam, with local legal entities in Singapore contributing 75 per cent and mitsubishi contributing 25 per cent. In order to open the no. 1 store in autumn of 2019, the recruitment of sales staff will be started soon.

Vietnam is the fourth country where fast retailing and mitsubishi have set up joint ventures overseas. So far, the two sides have cooperated in Indonesia, Thailand and Russia.

In addition to China and South Korea, uniqlo has expanded stores in southeast Asia and Oceania. The number of stores will rise to 400 in the five years to August 2022, 2.5 times the number in 2017. It is also scheduled to open store 1 in Delhi in the autumn of 2019. Mr Yanai, President and President of fast retailing, previously said it would "open stores in Vietnam as soon as possible".

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