Big in China and tiny in the U.S., Fast Retailing seen weathering pandemic
Added 06-02-20 11:03:02pm EST - “The coronavirus pandemic is shredding the global apparel industry, stripping hundreds of billions of dollars from sales and thrusting big names like J.Crew into bankruptcy protection.” - Reuters.com
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TOKYO/BEIJING (Reuters) - The coronavirus pandemic is shredding the global apparel industry, stripping hundreds of billions of dollars from sales and thrusting big names like J.Crew into bankruptcy protection.
While no major fashion firms have been spared, Japan’s Fast Retailing (9983.T), owner of the Uniqlo brand and not far behind the world’s No. 2 H&M (HMb.ST) in sales, looks well placed to cope with the crisis better than rivals.
That’s thanks to legions of faithful Chinese fans like 25-year-old IT worker Niu Ran, whose wardrobe is crammed with Uniqlo basics like shirts and socks and was looking for more in a post-lockdown shopping trip.
“I like Uniqlo because it’s very easy to match and the quality is not bad,” he said, waiting in line to try on pants at a Uniqlo store in Wangfujing, Beijing’s prime shopping district.
Led by Tadashi Yanai, Japan’s richest man, Fast Retailing has expanded aggressively in China with 750 Uniqlo stores, roughly the same number in its home market.
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