The Japanese fashion brand Uniqlo believes that India could become its largest global market, ahead of its native Japan and China, in around a decade as the brand also aims to increase its sourcing in the country.
“Indian market has 1.3 billion… getting qualified as a part of the middle class…this is the fact,” Tadashi Yanai, the founder and CEO of Uniqlo parent company Fast Retailing, told the Economic Times. “The budget is unlimited when it comes to investment [in India] and there is no capping.”
Yanai told the Economic Times in an interview that India has the potential to be the “number one and the most exciting market in the world.” In order to tap into this market, Yanai said that he plans to expand Uniqlo online in India “as soon as possible” and also increase sourcing in the country.
As a member of SoftBank’s board of directors, Yanai shared his knowledge of the e-commerce market. “When it comes to Indian e-business and digital business, I have been well versed with the most updated situation fortunately.”
The brand is currently gearing up to launch its first flagship store in India, planned for New Delhi later in the year. Uniqlo retails fashion and accessories in the value to-mid section of the market and operates in over 20 countries worldwide.