Overseas expansion is the way to go especially for the company Uniqlo. We are seeing more and more companies take the plunge so to speak and expand their customer base in foreign markets. The company has reached its potential in its current market and now wants to put most of its investment overseas and has a plan to open more than 400 stores in the next few years. That’s a lot of stores! They expect around 38 billion to be from overseas sales according to their chief executive, Tadashi Yanai.
In just the year 2014, they plan to open 200 stores. Must of the companies growth is expected to be from Asia and even start taking on the American market. Regarding both markets, the company has had issues finding the proper fabrics for the constantly changing climates as well as functional basics to carry over. Uniqlo currently has 17 stores in the United States but as of the last quarter are not making a profit. I thought flipping the table this week would be interesting. Apparently for some companies, entering the American market can be a bit difficult. To better attract the American public to the brand, they are collaborating with Theory and setting up a design center in New York.
Uniqlo’s parent company, Fast Retailing has really helped the brand grow over the last 5 years. It seems the brand has a good head on their shoulders and understands what they need to do in order to achieve their goals. They are a company I really was not familiar with before writing this post, but I want to follow them over the next few years and see if they come out on top.
photo credits: google images