Wednesday, March 6, 2013
Fast Retailing's Discount Chain To Double Y990 Lineup
TOKYO (Nikkei)--Fast Retailing Co.'s (9983) GU discount apparel chain on Tuesday announced that it will expand its line of 990 yen clothing for the spring and summer.
The clothing store will double to 300 the number of such low-priced products on offer, including T-shirt-style dresses and legging pants that reflect the latest fashion trends. The leggings are likely to be the least expensive in the industry, below even the 1,990 yen price at Fast Retailing's Uniqlo stores.
- The Fast Retailing group discount apparel chain has renewed its logo.
Items priced at 990 yen or lower are projected to account for the bulk of the spring and summer GU lineup. Despite signs that consumer spending could be rebounding, shoppers' interest in discount merchandise is expected to remain deeply rooted.
"An entire outfit can be put together for 2,000 yen to 3,000 yen," said G.U. Co. President Osamu Yunoki told a news conference.
At the chain's 200 stores in Japan, same-store sales have been running 20% above the same period a year earlier since September 2012. As early as this year, the retailer could begin opening stores overseas with the intention of ultimately building itself into a global brand with higher foreign sales than domestic sales. It is targeting 80 billion yen in sales in the year ending in August, a 40% jump from the prior year, and 100 billion yen in sales the following year.
(The Nikkei, March 6 morning edition)