Uniqlo Plans Accelerated Expansion in India Amid Strong Growth

Uniqlo India is set to accelerate its expansion strategy, aiming for a faster pace of store openings in the coming years. Having established 15 stores across India in its first five years of operation, the retailer is confident about scaling its presence further. Kenji Inoue, CFO and COO of Uniqlo India, said in an interview earlier that though final numbers are still to be decided with their landlord partners, the company is all set to pick up pace in its expansion plans. 

Since its India debut in 2019 with a store in New Delhi, Uniqlo has gradually expanded its footprint, particularly in the Delhi-NCR region where it now operates eight stores. The brand ventured into Mumbai last year and is set to open another store in the city later this week. Altogether, the chain will have 13 outlets across the country. Quite clearly, Uniqlo’s range of product lines such as winter wear, linen shirts, and comfortable everyday apparel that keep selling have supported its growth curve. 

For the fiscal year 2024, Uniqlo India posted a revenue growth of 32% over ₹624.6 crore for the previous year to ₹823.4 crore. Profit also witnessed a notable rise of 24% over ₹68.3 crore in FY2023 to ₹85.3 crore. The retailer managed to sustain impressive year-over-year growth over 50 percent in the past years despite the challenge posed by temporary closures of stores during the pandemic. 

While the Indian apparel market suffered setbacks in 2024 as consumers became more price-sensitive as inflation bites, Uniqlo remained less impressed by the slowdown. Inoue cited the fact that the brand is yet to feel the impact of the slump, as things continue to offer good performance. 

Moving forward, the company is eyeing brand expansion in India. It doesn’t have any immediate plans to bring other brands like Theory or Comptoir des Cotonniers under Fast Retailing’s belt into the market. India’s apparel market will be pegged at $160 billion by 2030 – an immense opportunity for Uniqlo to continue on its growth trajectory. 

Uniqlo India’s robust financial performance and expanding network of stores reflect its long-term commitment to the Indian market and, by extension, the brand’s commitment to the region for the future.