A wholly foreign invested joint venture is soon to be established between Fast Retailing, the Uniqlo's owner which holds 70 per cent stake and Mitsubishi Corporation, Japan's largest trading company with 25 per cent stake.
A Uniqlo store in Asia
Accordingly, Uniqlo's first store in Vietnam will be situated in Ho Chi Minh City, a dynamic economic city and will be managed through a joint venture.
Recently, Fast Retailing Co., Ltd. the owner of Uniqlo, a Japanese casual wear designer, manufacturer and retailer, announced to soon open its first store in Vietnam in autumn next year, in an attempt to pursue the market in Southeast Asia.
Fast Retailing Co., Ltd. is a Japan-based holding company primarily engaged in the clothing business with seven main brands including Comptoir des Cotonniers, GU, Helmut Lang, J Brand, Princesse tam.tam, Theory and Uniqlo.
Experts said that following the success of H&M and Zara in Vietnam's rapidly growing market, Vietnam is proving the influx of well-known fashion giants and Uniqlo is just one player.
"Our entry into Vietnam is an exciting milestone for everyone at Uniqlo. The Southeast Asia region has been an important driver of growth for us, and we are pleased and optimistic about our opportunity to be a part of such an exciting economy and retail market," said Tadashi Yanai, Chairman, President and CEO of Fast Retailing Co., Ltd., the parent company of Uniqlo.
He added: "We look forward to introducing Uniqlo and our high quality, affordable LifeWear apparel in Vietnam, and making a positive contribution to the economy and communities where we operate."
LifeWear is Uniqlo’ pledge to designing perfect clothing that meets the needs of everyone's daily lifestyles. High quality, functional, affordable and continually developing, LifeWear is available in a diversity of colors and styles for all generations.
In the future, Uniqlo will open more stores in Ho Chi Minh City. Before entering other areas, the company aims to firstly strengthen its position in this particular region. Uniqlo will shortly present its Uniqlo Manager Candidate (UMC) program in Vietnam, in order to look for capable human resources to facilitate its development in the country.
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