×
80 396
Fashion Jobs
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · La Verne
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Rockwall
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Morristown
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Roseville
ULTA BEAUTY, INC.
General Manager
Permanent · New York
NORDSTROM
Asset Protection - Agent - Manchester Highlands Rack
Permanent · Manchester
NORDSTROM
Asset Protection - Security Ambassador - Twenty Ninth Street Shopping Center Rack
Permanent · Boulder
NORDSTROM INC
Asset Protection - Security Ambassador - Rookwood Pavilion Rack
Permanent · Cincinnati
NORDSTROM
Asset Protection - Security Ambassador - City Creek Center
Permanent · Salt Lake City
NORDSTROM INC
Asset Protection - Security Ambassador - Southcenter
Permanent · Tukwila
NORDSTROM INC
Manager Asset Protection 3 - Chandler, az
Permanent · Chandler
NORDSTROM INC
Asset Protection - Agent - Tampa Rack
Permanent · Tampa
NORDSTROM
Asset Protection - Agent - Brentwood Place Rack
Permanent · Brentwood
NORDSTROM
Asset Protection - Security Ambassador - Gateway Center Rack
Permanent · New York
NORDSTROM
Asset Protection - Agent - South Coast Plaza
Permanent · Costa Mesa
NORDSTROM INC
Asset Protection - Security Ambassador - Rack at 31st & 6th
Permanent · New York
NORDSTROM INC
Senior Manager Strategic Sourcing, Store Operations, Mro, Restaurants
Permanent · Seattle
NORDSTROM INC
Area sc Manager 2 - San Bernardino, ca
Permanent · San Bernardino
NORDSTROM
Asset Protection - Security Ambassador - Old Orchard Center
Permanent · Skokie
NORDSTROM
Asset Protection Agent - Woodlands Mall
Permanent · The Woodlands
NORDSTROM INC
Asset Protection - Agent - North Point Marketcenter Rack
Permanent · Alpharetta
NORDSTROM
Asset Protection - Security Ambassador - Perimeter Expo Rack
Permanent · Atlanta
By
AFP
Published
Sep 4, 2007
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Uniqlo operator seeks Western brands on expansion push

By
AFP
Published
Sep 4, 2007

TOKYO, Sept 4, 2007 (AFP) - Japan's Fast Retailing, the operator of Uniqlo casual clothing shops, set its sights Tuesday, September 4th on buying a major Western brand as it unveiled plans for a third global flagship store in Paris.


Uniqlo's collection in Tokyo autumn-winter 2007/2008 - Photo : Ken Shimizu/AFP

Fast Retailing has set a goal of doubling its global sales by 2010 through expansion both in Western cities and in Asia to compensate for slack growth in Japan.

The Japanese company last month dropped out of the bidding war for the prestigious Barneys New York department store, declining to match a 942.3-million-dollar offer from Dubai investment firm Istithmar.

But the company said it still had a budget of 300 to 400 billion yen (2.5 to 3.5 billion dollars) for acquisitions.

"Our strategy of mergers and acquisitions is aimed at restructuring our business portfolio, which relies heavily on the domestic mass market," chairman and chief executive Tadashi Yanai told a news conference.

"For this purpose, we will seek mergers and acquisitions of Western brands that can develop globally."

Fast Retailing said it will open a flagship Uniqlo store on Oxford Street in London on November 7 and a shop one month later in Paris' La Defense business district.

Fast Retailing said it would also eventually open another store in central Paris, which would be Uniqlo's third "global flagship store" after the upcoming one in London and one opened in New York's Soho last year.

It did not immediately announce an opening date for the Paris flagship, saying in a statement that possible locations are of "historical value requiring careful and extensive refurbishment."

Uniqlo has also branched out in China and South Korea in its bid to overtake global casual wear leaders such as Spain's Zara and Sweden's Hennes and Mauritz.

Fast Retailing had initially topped offers for Barneys by Istithmar, which is partially owned by the government of oil-rich Dubai, before deciding the price was too high.

"Through the proposal to take Barneys, we didn't lose anything," Yanai said.

"What we gained is that we could raise the visibility of our company, and we showed our commitment to the US luxury market, which I believe will contribute to our next chance at mergers and acquisitions," he said.

Fast Retailing set the mid-term target for global sales of one trillion yen and recurring profit of 150 billion yen in 2010.

The company posted net sales of 448.8 billion yen in the year to August 31, 2006.

The market had a lukewarm response to the business strategy, announced late in the trading day.

Fast Retailing shares slipped a sharp 240 yen or 3.57 percent to 6,490, a steeper fall than the 0.63 percent drop on the Tokyo Stock Exchange's benchmark Nikkei-225 index.

Uniqlo flourished during Japan's decade-long slump in the 1990s by selling cheap yet good quality clothing, mainly manufactured in China, as years of deflation made consumers more frugal.

Fast Retailing's past acquisitions included France's Petit Vehicule, the maker of Princess tam.tam lingerie.

But while seeking acquisitions, Yanai also said Fast Retailing was ready to sell off domestic businesses which were unprofitable.

"I hope all businesses become profitable, but I need to give up the ones which fail to be profitable within a year," Yanai said.

He named Cabin, a clothing company whose brands aim at working mothers, and shoe company OneZone as among the unprofitable Japanese units.

by Kyoko Hasegawa

Copyright © 2021 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.