13 February 2013

Fast Retailing and Mitsubishi JV to develop UNIQLO retail business in Indonesia

- Open first UNIQLO store in Indonesia in summer 2013 
- Company has 338 UNIQLO stores in Asia

Tokyo, Japan - 13 February 2013 - Fast Retailing Co., Ltd. and Mitsubishi Corporation plan to establish a joint venture company to develop UNIQLO's retail business in Indonesia. The Joint Venture company PT. Fast Retailing Indonesia will be based in Jakarta and will have paid-in capital of 1 billion yen. Fast Retailing will hold 75% stake in the venture and Mitsubishi Coporation 25%. 

UNIQLO has retail operations in China, Hong Kong, Singapore, Taiwan, Malaysia, Thailand and the Philippines. As of end January 2013 the company has 338 UNIQLO stores in Asia. Mitsubishi Corporation began operating in Indonesia in 1954. Currently the company has investments in 43 different businesses in a number of industries, including energy, automobile and chemical. 

Fast Retailing and Mitsubishi Corporation established a joint venture company in 2011 for the purpose of launching UNIQLO retail operations in Thailand. The UNIQLO business in Thailand has grown to 6 stores, as of the end of January 2013, and it is progressing according to plan. 

Through the creation of the latest joint venture between Fast Retailing and Mitsubishi Corporation, the two companies will leverage their combined expertise to open the first UNIQLO store in Indonesia in summer 2013. The joint venture company aims to expand its business in this market and open more stores in the future. 

Source: Fast Retailing