Uniqlo turns a profit in India, to open new store in Punjab
In less than three years since beginning to retail offline in the Indian market, Japanese fashion and lifestyle brand Uniqlo has reported turning profitable. The business reported a net profit totalling Rs 21.4 crore in the 2022 financial year up from a net loss of Rs 36.1 crore in the 2021 financial year, according to data sourced by the Economic Times from business intelligence company AltInfo.
“The market is not easy and turning profitable at a time when most rivals are spending aggressively is a good indication of success,” said strategic consulting business Third Eyesight’s founder Devangshu Dutta, ET Bureau reported. “As an international brand, they are able to get good locations and are preferred tenants, which helps in generating sales, especially in top cities. However, the pricing is a bit premium and until they are able to source locally, selling products at a right value for the market will remain challenging.”
To date, Uniqlo operates stores in Indian cities including New Delhi and Bengaluru. The fast fashion retailer aims to continue its growth trajectory by continuing to expand its brick-and-mortar presence in the country.
Uniqlo will open its latest India store in Nexus Elante Mall in Chandigarh, Punjab on September 29, the brand announced on Instagram. The store will house the brand’s selection of menswear and womenswear, accessories, innerwear, and other lifestyle items.
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