May 17, 2017 | By WGSN Insider
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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.
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