Fast Retailing Co Ltd’s Uniqlo, Japan’s largest clothing store chain, is looking to source garments from India, Uniqlo’s Chairman Tadashi Yanai told Indian Prime Minister Narendra Modi, according to an Indian government statement.
Modi welcomed Unqilo’s interest in developing its business in India and highlighted the benefits the country’s garment sector offers, the statement said on Wednesday.
Uniqlo has long been eyeing the Indian market to open its stores and industry officials said it is a likely step in that direction.
A Fast Retailing spokeswoman said the company does not have any comment on the Indian government’s statement, which gave no further details.
In 2012, India allowed single brand retailers like Uniqlo full ownership of their Indian operations, but required them to source 30 percent of their goods from small and village industries. (Reuters)