A South Korean boycott of Japanese goods is seen dragging down sales at Fast Retailing Co Ltd’s Uniqlo stores, denting otherwise strong financial results due to be announced on Thursday, analysts said.
After leaving France and China, the American fashion chain announced on Wednesday its exit from Japan, scheduled for late October. The departure will see 14 store closures and the folding of its local online store.
Showing outside the traditional fashion week schedule has given an intimate touch to Alexander Wang’s collections and collaboration with Bulgari. The designer feels “liberated” and enthusiastic about fashion’s evolution.
The CEO of Japanese fashion and retail group Fast Retailing (owner among others of Uniqlo and Comptoir des Cotonniers), said that the group’s top job is better suited to a woman, according to Bloomberg.
Fast Retailing’s Uniqlo chain continued its run of yo-yo-ing sales results at its domestic Japanese stores in August, but at least it was good news this time as the company turned in an impressive 9.9% sales rise.