LIFETIME OF ACHIEVEMENT
For us at Fast Retailing , 2023 is the year for proactively implementing strategies to become the world ' s best global brand
Having set itself apart from its fastfashion competitors , with an in-demand formula of high-quality basics and no-frills affordability , Uniqlo has grown over four decades to become one of the world ’ s largest fashion brands .
And as consumers put ever greater emphasis on value over luxury , slow fashion over fast , the brand is expected to rise further , and quickly .
Now operating 2,200 stores across 22 countries , including 930 outlets in China ( more than in Japan ) and 70 in the US and Europe , Fast Retailing plans to open 80 new stores each year in Greater China , 20 in North America , and 10 in Europe .
This comes on the back of the company ’ s delivery of record annual results with net profits of US $ 1.98 billion in the 12 months through August , an 8.4 % rise on the previous all-time high , a year earlier – with annual profits for the year ahead forecast at 18 % growth .
At a press conference in Tokyo last month , Tadashi said the company is on track to meet its goal of achieving 3 trillion yen ( US $ 20bn ) in fiscal 2024 , 5 trillion yen ( US $ 33bn ) in revenue in the year ending in August 2028 , and 10 trillion yen in the long term .
“ If we can extend that pace of growth and at least triple sales over the next decade , we will be able to achieve our 10 trillion-yen target ,” Tadashi said . “ We will continue to set high goals and ideals as we have always done , and then to think of how to achieve those targets and set about implementing the appropriate action .”
The company ’ s ambitious push for global growth may well explain its most recent leadership reshuffle , which saw 74-year-old Tadashi take the CEO role at Uniqlo and former International CEO and head of North America , Daisuke Tsukagoshi , become COO .
While such a reshuffle hints at future succession planning , Tadashi – who is Japan ’ s richest person with an estimated US $ 34.3 billion – shows no signs of slowing down as he takes on dual roles , Uniqlo CEO and President of Fast Retailing .
14 December 2023