Uniqlo To Make India Debut In October With Three Stores
Japanese global apparel retailer Uniqlo announced its plans to foray into the Indian market and will open three stores in its first year in Delhi-NCR.
“We are committed to the Indian market and are very excited to be launching our first three stores in Delhi, a region that embraces diversity and culture, from art and design to craftsmanship and fashion,” Uniqlo Founder and Chairman, President and Chief Executive Officer Fast Retailing Tadashi Yanai said.
The first store will be in South Delhi at Ambience Mall, Vasant Kunj and will be spread over 35,000 square feet. The second one will be at DLF Place Saket—also in South Delhi— while the third store will be located at DLF CyberHub in Gurugram, Uniqlo said.
The opening of the three stores represents a significant step in in the company’s global strategy, Yanai said.
“We look forward to offering our high-quality, affordable LifeWear apparel to the people of India,” he added.
The company’s announcement to start operations comes after India allowed 100 percent foreign direct investment in single brand retail, although foreign retailers still need to source 30 percent of their products from local suppliers, preferably medium and small enterprises.
In 2006, the government had allowed 51 percent FDI in single brand retail. In January 2018, 100 per cent FDI was permitted for foreign players in single brand retail trade to set up own shops in India without government approval.