India Bet

After entering the Mumbai market, Uniqlo plans to expand further and price its products more competitively

BY PRERNA LIDHOO

▶ 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 ₹624.6 crore in FY23, while its net profit rose to ₹68.38 crore in FY23, up from ₹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…

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Business Today (Digital) - 1 Issue, 29 October 2023

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