Fast Retailing enters JV with Malaysian retailer

Write: Serafina [2011-05-20]

Fast Retailing: set up joint venture with DNP Clothing in Malaysia

Fast Retailing Co. said Tuesday it has set up a joint venture in Malaysia with a local apparel retailer as part of its plans to operate its Uniqlo casual clothing chain in the country.

The Japanese fashion retailer has taken a 55% stake in the venture, while the local partner, DNP Clothing, holds 45%. The joint venture will open and operate Uniqlo stores in Malaysia.

A Fast Retailing spokesman said that the company plans to open its first Malaysian Uniqlo store before the end of this year.

As of the end of February, Fast Retailing had 916 Uniqlo stores worldwide, and 125 of them were outside Japan. The company is trying to expand its overseas presence, following its ambition to become the world's biggest fashion retailer by 2020, leapfrogging the likes of Gap Inc. and H&M chain operator Hennes & Mauritz AB.