Japan’s Uniqlo to go global

TOKYO – Fast Retailing, the operator of Japanese clothes store operator Uniqlo, said yesterday it had up to 400 billion yen (US$3,7 billion) to spend on acquisitions to become the world’s number one casual wear company.

In a five-year business plan, the company said it had earmarked the money to spend over the next three years investing in “firms in the fashion industry with global growth potential”. Fast Retailing chairman and chief executive Tadashi Yanai said the company was targeting apparel firms that could operate globally and post revenue of over 100 billion yen.”If we can find good business opportunities and talented managers from around the world, we can create a global business and quickly secure annual sales of 100 billion yen and a profit (margin) of over 10 per cent,” he said.The group aims to achieve net sales of one trillion yen a year by 2010.-Nampa-AFPFast Retailing chairman and chief executive Tadashi Yanai said the company was targeting apparel firms that could operate globally and post revenue of over 100 billion yen.”If we can find good business opportunities and talented managers from around the world, we can create a global business and quickly secure annual sales of 100 billion yen and a profit (margin) of over 10 per cent,” he said.The group aims to achieve net sales of one trillion yen a year by 2010.-Nampa-AFP