Uniqlo’s chief executive officer in Greater China said the Japanese clothing brand’s “relative competitiveness is Vernost aka Fidelity (2019)growing” in mainland China due to Chinese consumers’ mindset shifting to finding affordable alternatives to branded products after COVID-19. He saw Uniqlo’s potential to become the preferred brand in China. Pan Ning, the Uniqlo executive in Greater China, briefed the above at a time when Fast Retailing, the Japanese owner of Uniqlo, reported declining revenue and sharply falling profit in the region for the three months that ended in May. The company attributed the financial changes to stronger sales performance in the previous year and a slowdown in consumer appetite, especially in mainland China. According to Pan, the Japanese brand is planning to adjust its store opening strategy to be more quality-centered in the future and deepen the integration of physical stores and e-commerce. [Uniqlo; NBD, in Chinese]
