Japan-based global apparel retailer Uniqlo is going to increase its sourcing from India as the retail giant is adding almost 20 new vendors in India and plans to open smaller-sized stores in India
As per a report of Economic Times, a leading business daily, the company is looking to expand this network through a significantly large investment.
Though when approached by Apparel Resources, the company denied to comment on this development.
The report says that the investment amount will be significant because Uniqlo is serious about India and views it as an important market. Unlike the existing facilities in India, which cater more towards exports, the production partners that Uniqlo will bring to India will be specifically meant for the domestic market.
Shahi Exports, Maral Overseas, Shingora Textiles, Silver Spark Apparel, and Penguin Apparels are few of the Indian vendors of the Uniqlo as cater to its overseas supply.
The company has entered in Indian retail in September 2019 and now has 10 stores across India.
Experts believe that for global brands, India should be one of the most logical sourcing hubs given its large vertically integrated manufacturing sector on the one hand and the large, growing domestic market driving demand on the other hand.
It can be mentioned here that almost a year ago Indian Prime Minister Narandra Modi had a meeting with Uniqlo CEO, Tadashi Yanai and Modi has invited Uniqlo to join India’s journey to become a manufacturing hub for textiles, particularly scaling up the use of technologies.
This was the second meeting of both the stalwarts since 2014.
