Japanese clothing giant Fast Retailing is to take on the Russian and Indian markets where it will open Uniqlo stores.
The retailer intends to increase sales by 70 per cent over the next two years through global expansion and acquisitions. It has put US$1.4 billion (£784.9 million) aside for acquisitions and hopes this will help it reach its sales target of ¥1 trillion (£5.22 billion) by 2010.
Fast Retailing chief executive Tadashi Yanai hoped to take advantage of the downturn in the global economy. “We are looking for acquisitions at home and overseas. It’s the opportunity of a decade. Companies are cheap in value now,” he said.
So far, Fast Retailing’s bid to buy Barneys New York and Honk Kong apparel company Giordano International have failed.
About 90 per cent of Fast Retailing’s sales come from Japan. It also has stores in the UK, US, South Korea and China.
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