Japanese firm Fast Retailing sets up Chinese subsidiary
18 May '12
1 min read
Fast Retailing Co., Ltd. has decided to establish a subsidiary company in The People's Republic of China, the details of which are laid out below:
1. Objective for the new subsidiary
One of the most significant business challenges facing Fast Retailing at present is the expansion of the UNIQLO store network in China and so we are currently pursuing a strategy of aggressive new store openings in that country. We will be looking to further strengthen our new store development process going forward as we continue to expand the UNIQLO store network in China. The new subsidiary firm is being established for that purpose.
2. Tentative overview of new subsidiary
(1) Business name: FAST RETAILING(Shanghai) Apparel Co., Ltd.
(2) Location: Shanghai, China
(3) Representatives: Naoki Otoma
(4) Established: June, 2012
(5) Operations: The opening and managing of UNIQLO stores in China
(6) Paid-in capital: US$ 35 million (approximately ¥2.8 billion)
3. Impact of subsidiary establishment on group performance
The impact of establishing the new subsidiary on Fast Retailing's consolidated and nonconsolidated performance for the year ending August 2012 is expected to be minimal.
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