Circumstances conspired against Fast Retailing in Q1 with the firm having faced several obstacles in the Asia market. And its Uniqlo chain was also at the mercy of the weather last month as high temperatures hit sales.
Japan’s SoftBank Group Corp said Tadashi Yanai, founder and CEO of Uniqlo parent Fast Retailing, will resign as independent board member at the end of the month after 18 years on the job to focus on his fashion business.
Fast Retailing’s Uniqlo struggled in November in its domestic Japanese market with the retail giant seeing a 5.5% comparable sales fall and 5.8% drop in total. Both figures included its online operations.
Founded in 2010, the independent Swiss brand, which is experiencing rapid growth and expanding its operations, announced on Saturday that it has brought tennis star Roger Federer on board as part of its team.
As retailers with giant store estates focus more and more on mega-sized stores that can offer their full line-up plus extras, Fast Retailing’s Uniqlo has said that it will unveil its biggest Japanese store next spring.
Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.