Japan's Fast Retailing Co. Ltd.-owned Uniqlo clothing brand plans to double its store count in China to 1,000 by 2020 in a bid to meet a sales target of ¥3 trillion, the Nikkei Asian Review reported Aug. 13.
The company, which had 540 outlets across China in May, reportedly is enhancing its training program to provide for enough store managers to support the expansion. Its overseas sales are expected to exceed those in Japan within a few years.
Fast Retailing Group Executive Vice President Pan Ning, who handles Uniqlo's China operations, reportedly said the company will hasten the pace of Chinese store openings over the next couple of years from the current rate of about 100 new stores per year, according to the report.
As of Aug. 11, US$1 was equivalent to ¥109.06.