
Bad news has come for those who have been eagerly waiting for Japan-based fast fashion brand Uniqlo’s India entry. The fashion retailer has reportedly decided to defer the opening of its debut store in Indian retail market. It is yet to acquire a quality retail space for its venture. Media reports claim that Uniqlo has contacted Commercial Real Estate Services (CBRE) to help it in getting a 15,000-17,000 square feet space in North India.
Uniqlo earlier had plans to enter India by 2018 but now it is expected that the fashion retailer will set up its maiden store here by 2019. The brand looks to capture a significant share in the country under the single brand retail concept as the Indian Government permits 100 per cent Foreign Direct Investment (FDI) for the same. Uniqlo’s arch rival H&M had also entered India under the single brand retail concept through FDI last year.
“We do a review to find out possible locations before making a decision. We have been in touch with various external companies to help with possible locations in both existing as well as new markets,” a company spokesperson reportedly said.
Uniqlo is expected to send a delegation to India soon. The team will search for a better location in the country, which has been turning into one of the most sought-after investment destination among global fashion retailers over the years.