New Delhi: Fast Retailing Group Chairman Tadashi Yanai met Prime Minister Narendra Modi expressing intention to source garments from India by the Japanese firm that runs UNIQLO chain of casual clothing. "The company aims to source garments from India," the Prime Minister's Office in a statement said after the meeting between with Modi and Yanai.
Modi welcomed Yanai's interest in developing UNIQLO's business in India, and highlighted the advantages that India enjoys in the garments sector, including availability of cotton, skilled manpower, robust infrastructure, a big domestic market and good ports for exports. Yanai also met Commerce and Industry Minister Nirmala Sitharaman and minister of state for textiles (independent charge) Santosh Gangwar during the day.
In the past, Yanai, who is also the President and CEO of the group, had stated that the company wanted to enter India. The Japanese fashion retailer has been linked with Arvind to for its entry in India. At present India allows 100 per cent FDI in single brand retail and up to 51 per cent in multi-brand segment.
While UNIQLO is the flagship brand of Fast Retailing, it also owns other labels GU, Theory, Comptoir des Cotonniers, Princesse tam.tam and J Brand. As of February this year, UNIQLO has a total of 1,383 stores, including in its home Japan and overseas markets such as China, Hong Kong, Taiwan, Korea, UK, US, France and Russia. Earlier this year, speaking about the company's expansion plans, Yanai had highlighted opportunities in Asia, which "is the focal point for generating prosperity and eradicating poverty". "This historic change is creating huge business opportunities. With our business bases in Japan and mainland Asia, Fast Retailing can use its geographical advantage over major European and American apparel brands," he had said.
