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Reuters
Published
Jul 13, 2010
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Fast Retailing to set up Bangladesh venture

By
Reuters
Published
Jul 13, 2010

Fast Retailing, Bangladesh
Uniqlo UJ collection
TOKYO July 13 (Reuters) - Japan's Fast Retailing (9983.T), the operator of the Uniqlo casual-clothing chain, said on Tuesday it would start an apparel business in Bangladesh, hoping to help the country's poor by creating jobs and offering affordable clothing there.

Microfinance specialist Grameen Bank will take a 1 percent stake in the venture, which is slated to start in October.

Fast Retailing, which already has manufacturing bases in the country, said the business will produce clothes using materials procured within Bangladesh and sell them at prices affordable for the poor.

It aims to create 250 jobs in its first year and 1,500 in three years.

Grameen Bank is headed by micro-lending pioneer and 2006 Nobel peace prize winner Muhammad Yunus.

Fast Retailing shares were up 1.3 percent at 12,730 yen, outperforming a virtually flat Nikkei stock average .N225.

(Reporting by Yumiko Nishitani and Ritsuko Shimizu)

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