Fast Retailing: 10 million dollars to clothe refugees
The parent company of Uniqlo has announced that it will provide $10 million in funds over three years and distribute winter clothing for refugees and displaced migrants arriving in Europe.
The Japanese group has been working with the Office of the United Nations High Commissioner for Refugees since 2006 through its in-store clothing recycling initiative. The UNCHR estimates that "nearly 60 million people have been forced to flee their homes worldwide", with High Commissioner António Guterres stating that "calling upon the the robust support of the private sector is crucial for meeting the needs of the millions of families who have lost everything."
Under the new agreement, the Tokyo-based company commits to support the UN Refugee Agency with US$10 million over the next three years, starting from 2016. The funds will help UNHCR respond to emergencies and other acute humanitarian crises, and provide refugees in Asia with help to become self-reliant.
The donation will also cover costs related to the distribution of donated clothing. To date, Fast Retailing has collected and distributed through UNHCR more than 10 million items of lightly used clothing to refugees across 37 countries.
Fast Retailing generated a net profit of 110 billion yen (815 million euros) for its last financial year closed at the end of August, up 48%. At the same time, sales amounted to 1,681 billion (12.5 billion euros), representing a 26% increase.
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