Speaking at the opening of Uniqlo’s flagship London store on Oxford Street this week, Fast Retailing chairman and chief executive Tadashi Yanai said the decision follows the success of its Comptoir des Cotonniers brand in the UK.
“London is a showcase for the world and we are looking forward to having not just Uniqlo, but all of our companies opening and becoming successful here in the UK,” he said.
The company’s renewed confidence in the UK market follows the closure of 18 out of 23 Uniqlo shops two years after first entering the market in 2001.
Womenswear brand Theory, which Fast Retailing has a 34 per cent stake in, has 300 stores in Japan, the US and China. Lingerie brand Princesse Tam.Tam, which was acquired in 2005, has 131 stores in France. The retailer also owns brands including Foot Park, Enraciné, Zazie and G.u.
The retailer opened two Uniqlo stores on Oxford Street this week at a cost of£10 million. Yanai wants to create a network of Uniqlo flagship stores in all the major metropolitan cities in Europe, the US, Asia, China and India.
Fast Retailing is also on the acquisition trail in both the UK and Europe, as well as the US, following its failed attempt to buy Barneys in New York for US$900 million (£431.3 million).
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