YOKOHAMA, Japan (AP) — The president of Fast Retailing Co. says his company will sharply accelerate overseas expansion of its Uniqlo stores in a bid to become the world's top apparel manufacturer and retailer.
Unveiling a new global business strategy, Chief executive and founder Tadashi Yanai said Japanese companies are doomed if they don't go global. Japan's population is shrinking and aging rapidly, and the CEO described the country as on a "downtrend" over the past two decades.
Fast Retailing aims to open 200 to 300 stores worldwide each year with a heavy focus on Asia.
It looks to increase revenue by 500 billion yen ($6.5 billion) annually. In 2020, it hopes to generate 5 trillion yen ($65 billion) in sales to surpass rivals like Gap Inc. and Spain's Inditex SA.