The JV has been set up with an invested capital of 400 million yen. In this venture, Shima Seiki holds an equity share of 51 per cent while Fast Retailing holds the remaining 49 per cent.
The JV is aimed at producing high-quality, value-added WHOLEGARMENT knit products. In future, the joint venture company is expected to function as the lead factory in the production of innovative knit products for the Fast Retailing Group.
Innovation Factory was originally established in December 2015 as a wholly-owned subsidiary of Shima Seiki producing WHOLEGARMENT knitwear. Following the JV, the company will now produce WHOLEGARMENT products for the Fast Retailing Group, principally Uniqlo.
WHOLEGARMENT is a seamless knit product developed by Shima Seiki using seam free construction. It yields comfort and draping effect thus providing value-added products with greater design flexibility as compared to traditional knitwear products. (RR)
ALCHEMPro News Desk – India
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