The Japanese clothing giant behind the Uniqlo brand unveiled plans Wednesday for new stores in Russia and India, aiming to triple its overseas sales over two years.
Fast Retailing Co. said it hoped to open a store in Russia as soon as possible as part of a global expansion that will also see it open the doors to the first Uniqlo outlet in Singapore in the first half of 2009.
The company is eyeing a foray into India while expanding in Vietnam and setting up an office in Bangladesh to oversee production there.
Fast Retailing founder and president Tadashi Yanai said the balance of power in the global economy was shifting to fast-growing developing economies such as China and India.
"No one can change this major global trend," he told a news conference. "You cannot achieve a global expansion without having production bases in countries like Bangladesh, Vietnam and India.”