Uniqlo India has revealed that the brand is targeting to accomplish a sales mark of US $ 11.83 million in the current fiscal year, said reports. The Chief Operating Officer (CFO) Kenji Inoue has also emphasised their expansion plans regarding brand outlets and local sourcing.
The report highlighted the brand’s plan to increase the sourcing from local production to reach up to 18 per cent from the current 15.5 per cent. In addition to this, the brand also aims to reach a target of launching 15 physical stores by November end.
The brand currently has 13 stores across the north Indian states of Delhi-NCR, Mumbai, Chandigarh, and Lucknow. New stores are set to launch in Mumbai’s Phoenix Palladium and West Delhi.
Attempting to accelerate the expansion plans, Inoue also said that the brand is an “important” market for the parent company Fast Retailing which currently stands at a yearly sales mark of US $ 20 billion.
He also added that although India is a ‘small market’ on a global scale for Uniqlo, it has the potential to be “one of the biggest”.
Uniqlo India reported a 31 per cent revenue surge to US $ 96.43 million and a 25 per cent profit increase to US $ 10.07 million for the fiscal year ending 31st March 2024, according to RoC filings.
