Japanese global apparel retailer UNIQLO Wednesday announced its plans to make a foray into the Indian market and will open three stores in the first year in Delhi-NCR.
Given the size and fast growth of the Indian market, the launch will involve three separate stores.
The first of the three UNIQLO stores will open in October in New Delhi, the company said in a statement.
“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 & CEO, Fast Retailing Tadashi Yanai said.
The first store will be in South Delhi at Ambience Mall, Vasant Kunj 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 in India comes after the country allowed 100 per cent FDI in single brand retail, although foreign retailers still need to source 30 per cent of their products from local suppliers, preferably medium and small enterprises.
In 2006, the government had allowed 51 per cent 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.
(With agency inputs)