Uniqlo, owned by the Japanese fast-fashion company Fast Retailing Co. Ltd., has applied for the single brand licence to commence its retail business operations in the Indian market.
The retailer has been planning its India entry for a quite long time now. Earlier, it was reported that Uniqlo might open its debut store in the country by 2018.
The retailer is now waiting for the response from the Department of Industrial Policy and Promotion on its application, a spokesperson of Fast Retailing in Tokyo was quoted as saying by a leading business daily.
Uniqlo sees India as a potential market for its growth.
However, it will get a tough fight from other global fashion labels such as Zara (Spain), H&M (Sweden) and Gap (USA) who have already opened their outlets in the country. These labels have now become the most sought-after brands among millennials since their India entry.
Uniqlo looks to capture a significant share in the Indian fashion retail market under the single brand retail concept. The Indian Government permits 100 per cent Foreign Direct Investment (FDI) for the same.
The brand’s rival H&M had also entered India under the single brand retail concept through FDI last year.
It is being said that Uniqlo is yet to finalise space for its first store in India which is expected to open doors in 2019 now.
Media reports claim that observing an overwhelming footfall at Zara and H&M stores, malls are eager to accommodate Uniqlo stores at their premises.
