Uniqlo, owned by Fast Retailing, is pushing its business globally by targeting areas where it has already witnessed success.
The retailer accounted for 52% of its Japanese parent company’s sales in the last year, as Fast Retailing reported that its profits had risen by 64% in the fiscal first quarter.
For the 2014 fiscal year which ended August 31, Fast Retailing accumulated roughly $13.6bn, sealing its place as one of the world’s largest apparel retail companies.
Uniqlo declared that stores open for a year and over, increased by an average of 10% during the quarter.
With over 1500 stores across 16 markets the casualwear retailer is continuing to build its global presence, having recently announced developments in the US, Canada and Australia.
US and Canada
Uniqlo has revealed that it is coming to Seattle, Denver and Washington to focus on its US expansion.
Since openings its first store in Soho, New York almost a decade ago, the retailer now boasts a portfolio of 39 stores across the US, including branches in New York, Boston and Los Angeles.
Though the company is not quite on par with like-for-like retailer H&M, which holds 364 stores across the US, the launch of further stores is a move in the right direction.
Uniqlo will also open another shop in Boston this summer, one in Chicago and a further one in Toronto, Canada.
Leases have been signed at Westfield Miranda and Parramatta for Uniqlo to push its Australian market in Sydney, which is currently marked as the company’s 16th market globally (Australia).
The 1,250 sq m Miranda store will be held in the largest shopping centre in Sydney’s south, alongside another 100 retailers.
Shoichi Miyasaka, Chief Executive of Uniqlo Australia comments:
“We’ve received a very positive response from the local market since we opened our first store in Sydney and we’re incredibly excited to continue to grow our presence within Australia”
The company’s base still makes up most of its revenue, with Japan currently holding 810 stores, as of March 2015.
Last year Uniqlo Japan shut down 31 of its branches in September, later opening a further 20. It also suffered a dip in sales in March 2015, something put down to fewer public holidays to shop in store.
The company’s expansion plans will allow it to disperse its lines over wider areas, where different economies are likely to provide slightly varied outcomes. These areas have been allocated to destinations where the company is already thriving.