Japanese fashion retail giant Uniqlo, which made its formal India debut on Thursday, is betting big on the country and feels that the ongoing economic slowdown is cyclical.
The Japanese apparel retailer is the latest international brand to take the single-brand retail route to enter India.
Tomohiko Sei, CEO, Uniqlo India, told BusinessLine that the government’s move to liberalise its single-brand retail policy will enable the company to accelerate its growth in the country. He added that this would help the company strengthen its factory partners-led supply chain and expand local sourcing.
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“India is an important market for us and offers tremendous potential. It has a large population and has been witnessing strong economic growth. Despite the recent slowdown, India’s growth rate is higher than other countries’. But it is a diverse market: each State or region can be different in terms of culture, seasonality and regulations. We are newcomers and our focus is on establishing strong operations and a strong team by hiring local talent,” said Sei.
Source: Business Line
