Japanese retailer Uniqlo plans to open around 1,000 outlets in India and also intends to source garments from the country, according to sources familiar with the development, states a leading daily.
Tadashi Yanai, Chairman and CEO, Uniqlo revealed the plans while he met the Prime Minister Narendra Modi and other ministers.
Started as a suburban roadside store chain in Japan, Uniqlo is targeting to take its global storecount to 1,500 by August end. According to the company website, at present, the retailer has 632 stores outside Japan. It now plans to open flagship stores in New York, Shanghai, and London.
Uniqlo has not made it clear if it will foray into the single-brand retail market of India through a tie-up with an Indian partner or operate via a wholly-owned subsidiary.
Ikea, M&S, and Hennes & Mauritz are some of the foreign retailers who have entered India through the single-brand window. However, despite obtaining the government approval for least a year now, IKEA is still to open its first outlet while Hennes & Mauritz plans to open 50 outlets this year, the paper reported.
