NEW DELHI: Eyeing India’s $70 billion retail market, Japanese clothing giant UNIQLO is set to open its first store at the Ambience Mall in the capital’s Vasant Kunj, spread over 35,000 square feet, on October 4.
The second one will be at DLF Place Saket, also in South Delhi while the third store will be located at DLF CyberHub in Gurugram – with more brick-and-mortar stores to follow in other metropolitan cities.
“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,” Tadashi Yanai, UNIQLO founder and chairman, president & CEO, Fast Retailing, had stated in July, while announcing its India market entry plan.
The opening of the three stores represents a significant step in in the company’s global strategy, Yanai had then said.
“We look forward to offering our high-quality, affordable LifeWear apparel to the people of India,” he had added.
The company’s announcement to start operations in India came after the country allowed 100% FDI in single brand retail.
The government’s recent decision to cut corporate tax rates from 30% to 22%, followed by the relaxation of the 30% local sourcing norms for single-brand retailers, has been welcomed by UNIQLO, which told ThePrint: “We are very pleased with the government’s decision [about FDI]. We look forward to a long and fruitful presence in India to lead more local sourcing opportunities.”
Ranked third in the list of global fast-fashion retailers after Spain’s Zara and Sweden’s H&M, UNIQLO had global sales of approximately US $19.17 billion in 2018, and currently has more than 2,000 stores in over 22 markets, including Japan.
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