Oct 19, 2017 | By WGSN Insider
Big data meets consumer insights. Experience WGSN.
Japanese apparel giant Fast Retailing Co is to make its Canadian debut in autumn 2016 opening two Uniqlo stores in Toronto.
The casualwear retailer is to open a 24,000 sq ft store in the Yorkdale Shopping Centre and a 28,000 sq ft unit in Eaton Centre.
Uniqlo also said it is considering opening in Vancouver.
“Entering the Canadian market is a milestone for the company and a significant step in our growth strategy,” Larry Meyer, head of Uniqlo USA and Canada, said.
Uniqlo, which accounts for almost 49% of Fast Retailing’s total sales, currently operates more than 1,500 stores worldwide, including nearly 40 in the US.
In Q1 to last November, overseas sales at its Uniqlo chain jumped 47% year-on-year, helping drive a 40% rise in operating profit to ¥91.4bn ($763m), beating analysts’ ¥77.7bn view. It also maintained its operating profit outlook for the year to August at ¥180bn.
Fast Retailing’s other brands include Theory, GU and Princesse tam.tam.
Know what’s next. Become a WGSN member today to benefit from our daily trend intelligence, retail analytics, consumer insights and bespoke consultancy services.