Uniqlo, a Japanese fast-fashion brand, has initiated talks with mall developers of top cities in India to make its entrance in the country by next year. With its reasonable prices and broad product palette, Uniqlo has already changed the retail landscape in major cities like London, Paris and New York before stepping into Indian market.
Sources say that Uniqlo is in talks with DLF and Select City Walk, New Delhi, and Palladium, Mumbai for opening stores. The fashion retailer, however, has yet to file an application with the Department of Industrial Policy and Promotions, which deals with Foreign Direct Investment (FDI)-related matters, to open stores in India. It may be noted here that India allows 100 per centFDI in single brand outlet.
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It’s worth recalling that Uniqlo was previously in touch with “Arvind Brands” to make a joint venture but the Japanese retailer has now decided to set up a wholly-owned subsidiary in India. The retailer’s expansion abroad has much to do with business as well as with Japan’s economy. According to media reports, overseas expansion has made Uniqlo more vulnerable to a strengthening yen thus it’s seeing signs of business recovery.
