Japan Uniqlo to open first store in Vietnam in 2019
Uniqlo will begin recruiting local talent as it prepares to open its store in "one of the region`s most exciting, high-growth economies," it claimed.
Uniqlo, the Japanese global apparel retailer, on August 30 announced its launch in Vietnam, with plans to open its first store in Ho Chi Minh City during fall 2019, marking further growth for the brand in Southeast Asia.
Illustrative photo.
|
"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, the parent company of Uniqlo.
"We look forward to introducing Uniqlo and our high quality, affordable LifeWear apparel in Vietnam, and to making a positive contribution to the economy and communities where we operate," he added.
The first Uniqlo store will be located in Ho Chi Minh City, which will be operated through a joint venture between Fast Retailing and Mitsubishi Corporation, who will own 75% and 25% of the company, respectively, reported Nikkei Asian Review. According to Fast Retailing, Uniqlo will focus on establishing its presence and brand in this region before considering other areas.
The Japanese retailer plans to double the number of its stores in Southeast Asia and Oceania to about 400 by 2022. Uniqlo's global network spans 20 markets in Asia, Europe, North America and Australia, operating roughly 2,000 stores, according to the company.
For a population of nearly 100 million, of which the majority is at young age and with a steady growth of income per capita, Vietnam is considered potential market for fashion retailers.
In the first six months of 2018, revenue in Vietnam of the Indonesian retail operator Mitra Adiperkasa, the operator of two Zara stores in Hanoi and Ho Chi Minh City, reached VND950 billion (US$40.87 million), doubling the figure recorded in the same period of last year, stated the Mitra's financial statement.
Meanwhile, H&M with four stores posted revenue of VND322 billion (US$13.85 million) in the January - June period, of which, the fast fashion brand reported revenue of VND175 billion (US$7.52 million) in the second quarter, up 16% month-on-month, reported The Leader newspaper.
12:23, 2024/04/08
US-based Rosen Partner to invest in world-class entertainment complex projects in Vietnam
The project is expected to crystallize and showcase Vietnam's unique cultural values to the world.
15:07, 2024/03/13
Foreign capital set to dominate Vietnam’s M&A landscape
The positive trend of foreign capital in the M&A market this year follows the momentum of 2023, where the top five largest deals involved foreign investors.
19:51, 2024/03/04
Samsung to invest US$1 billion annually in Vietnam
Samsung's R&D center currently employs 2,400 engineers, with Vietnamese engineers playing a crucial role in researching AI features for the new Galaxy S24 phone series.
15:05, 2024/02/29
Thai bank acquires Vietnamese finance company
Thailand's fourth-largest bank has agreed to acquire all the equity of Home Credit Vietnam for US$865 million.
14:08, 2024/01/27
Vietnam appreciates support from int’l friends in nation-building: PM
The goal is to develop Vietnam's economy and become a regional powerhouse in Asia.
15:18, 2024/01/20
Vietnam, Hungary call for stronger economic ties
Leaders from both sides also reaffirmed their commitment to creating a "peace of mind" investment environment for investors.
- Vietnam - Indonesia expand cooperation to include green growth, EV ecosystem
- Vietnam ready to absorb investment capital in semiconductor industry
- India’s largest energy group eyes investment in Vietnam
- Nvidia explores opportunities to set up manufacturing hub in Vietnam
- Vietnam seeks US support for semiconductor development
- US International Development Finance Corp to advance strategic relations with Vietnam