(Source: Inside Retail Asia | 4 October 2016)
Japanese retail holding company Fast Retailing intends to have 1000 shops for its low-cost GU brand overseas in 10 years, up from about 10 foreign stores now.
GU sells clothing often priced at about half that of stablemate Uniqlo.
Fast Retailing will expand GU first in Asia, where Uniqlo has been successful, says chairman/president Tadashi Yanai.
After increasing its GU outlets in Taiwan and China, Fast Retailing will turn its attention to South Korea, Hong Kong, Thailand and Singapore for growth in the next five years.
GU’s first overseas store opened in 2013. In Japan, the brand’s low prices and sensitivity to fashion trends have helped store numbers grow to around 350.
Meanwhile, Uniqlo now has more stores overseas than in Japan, with plans to set up around 100 shops a year in China.
Other brands under Fast Retailing’s wing include Comptoir des Cotonniers, J Brand and Princesse Tam-Tam.