Japanese clothing chain Uniqlo is likely to report strong same-store sales for June, taking the edge off a profit plunge for owner Fast Retailing due to store closures and weak demand amid the coronavirus pandemic.
Zara, H&M and Gap may be slowly reopening their stores but the coronavirus epidemic has had a devastating financial impact on the fast fashion sector, which needs a radical overhaul if it is to recover, experts say.
While no major fashion firms have been spared, Japan's Fast Retailing, owner of the Uniqlo brand and not far behind the world's No. 2 H&M in sales, looks well placed to cope with the crisis better than rivals.
Fast Retailing’s Uniqlo will open an expanded Uniqlo Tokyo on June 19 in the key Ginza shopping district. The company has renovated its store in the Marronnier Gate Ginza 2 building as the area is redeveloped.
Japanese casual clothing chain Uniqlo, owned by Fast Retailing, said it plans to sell face masks made of fabric used for its Airism underwear line in response to strong demand for protective gear for the coronavirus.
Fast Retailing said on Friday that it’s pulling its GU chain out of the South Korean market later this summer. It will close all three of its GU stores in the country, less than two years after it opened there.
Australian discount department store retailer Target could see up to 75 of its stores being closed and many others converted to another of its owner’s banners. Over 1,000 jobs will be affected, owner Wesfarmers said.