Japanese retail major Uniqlo's big India push
After entering the Mumbai market, Uniqlo plans to expand further and price its products more competitively
- Oct 13, 2023,
- Updated Oct 13, 2023 2:01 PM IST
Japanese retail brand Uniqlo has finally made a foray into Mumbai, the brand’s second largest online market after Delhi. The company said it aims to become the No. 1 brand in India. “This is not about sales or profit. It means being a brand that’s trusted by people all over India,” says Uniqlo India CEO Tomohiko Sei. Having launched its first store in India in 2019, Uniqlo has seen its revenues jump nearly 69 per cent year-on-year to Rs 624.6 crore in FY23, while its net profit rose to Rs 68.38 crore in FY23, up from Rs 21.4 crore in FY22. Sei says the firm could now look at other markets like Pune. The company, which has expanded to 10 stores in India, said it’s looking to make its products more affordable for this market, where it competes with the likes of H&M, Zara, and Mango. “In India, the price versus value [proposition] is very important and our prices are not so low. I believe our value is more,” Sei says. “We will look at affordable prices in the future. There’s strong competition in India from local brands as well as other brands,” he adds. It aims to promote the LifeWear concept—defined by the firm as everyday clothing with a sense of beauty—in India, imbibing Japanese values of simplicity, quality and longevity. Plus, it is looking to introduce two of its technologies—AIRism, which absorbs water vapour from the body, and HEATTECH, a line of thermal wear. For now, Uniqlo’s India strategy appears well set. @PLidhoo
Japanese retail brand Uniqlo has finally made a foray into Mumbai, the brand’s second largest online market after Delhi. The company said it aims to become the No. 1 brand in India. “This is not about sales or profit. It means being a brand that’s trusted by people all over India,” says Uniqlo India CEO Tomohiko Sei. Having launched its first store in India in 2019, Uniqlo has seen its revenues jump nearly 69 per cent year-on-year to Rs 624.6 crore in FY23, while its net profit rose to Rs 68.38 crore in FY23, up from Rs 21.4 crore in FY22. Sei says the firm could now look at other markets like Pune. The company, which has expanded to 10 stores in India, said it’s looking to make its products more affordable for this market, where it competes with the likes of H&M, Zara, and Mango. “In India, the price versus value [proposition] is very important and our prices are not so low. I believe our value is more,” Sei says. “We will look at affordable prices in the future. There’s strong competition in India from local brands as well as other brands,” he adds. It aims to promote the LifeWear concept—defined by the firm as everyday clothing with a sense of beauty—in India, imbibing Japanese values of simplicity, quality and longevity. Plus, it is looking to introduce two of its technologies—AIRism, which absorbs water vapour from the body, and HEATTECH, a line of thermal wear. For now, Uniqlo’s India strategy appears well set. @PLidhoo