Uniqlo turns profitable in India, continues new store openings
14 September 2022, Mumbai:
For the first time since it came to India three years ago, Uniqlo has made a profit.
This is a Japanese fashion and lifestyle brand. As an international brand, it is able to get good locations and is a preferred tenant, which helps in generating sales, especially in top cities. However, the pricing is a bit premium and until it is able to source locally, selling products at the right value for the market will remain challenging.
Still, the market is not easy, and turning profitable at a time when most rivals are spending aggressively is a good indication of success.
To date, Uniqlo operates stores in Indian cities including New Delhi and Bangalore. The fast fashion retailer aims to continue its growth trajectory by continuing to expand its brick-and-mortar presence in the country.
Uniqlo will open a store in Chandigarh on September 29. The store will house the brand’s selection of men’s wear and women’s wear, accessories, innerwear, and other lifestyle items and is expected to increase Uniqlo’s sales and customer base and give the brand access to the markets of Punjab, Haryana, Himachal Pradesh, and Jammu Kashmir.
The business reported a net profit totaling Rs 21.4 crores in the 2022 financial year up from a net loss of Rs 36.1 crores in the 2021 financial year.
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