Japan
Uniqlo appoints Clare Waight Keller as Creative Director
Japan-based Fast Retailing has announced the appointment of the British designer Clare Waight Keller as its new creative director. She has previously worked at the luxury houses Givenchy and Chloé
Japan Retail: slow but steady future for retail
After unexpectedly slipping into recession at the end of 2023, the Japanese economy appears to be back on track to grow 3.2% in 2024 (FMI forecast). Against this backdrop, fashion retail sales are outperforming the overall retail performance and, interestingly, footwear inflation is now below the 2% target for any economy. However, the picture is not so clear-cut. The weak yen could dampen any growth in imports and the country is still adjusting to a major change in monetary policy. Nevertheless, as predicted in our last Flash, it’s safe to say that a modest recovery has taken place in the sector
Uniqlo fuels growth for Fast Retailing
The Japanese fashion retailer has posted a large increase in revenue and profits in the first nine months of its current fiscal year, driven by strong performances from Uniqlo across almost all regions
Asics raises its profit estimates
The Japan-based sportswear company has raised its full-year operating profit guidance by 64% year-over-year on rising demand for its sneakers in the domestic market and abroad
New SVP to lead Authentic’s strategy in Japan
The US-based management brand group ABG has appointed Jeff Daggett as Senior Vice President – Head of Japan to strengthen Authentic’s presence and drive growth in the Japanese market
FaW Tokyo closes on a positive note
Held from the 17th to the 19th of April, the Japanese fashion trade show closed on a positive note, attracting 22,901 visitors from all around the world
Uniqlo owner posts robust first half
The Japan-based Fast Retailing has reported a “record” first half revenue of 1.60 trillion yen (9.77 billion euros), up by 9.0% year-on-year, mainly due to a strong performance from Uniqlo overseas
Japan Retail: trade did not improve at the end of 2023, but a recovery is not out of the picture
As anticipated in the previous edition of the WF Retail Japan, trade (physical and online) did not improve at the end of 2023. What’s more, the country unexpectedly slipped into recession amid sluggish consumption and pressure on retail costs due to the weak yen. However, it’s expected that the easing of consumer inflation and the recovery of wages due to labour shortages could occur in the first half of 2024 and both consumer and retailer sentiment is on an upward trend. So perhaps a modest recovery could take place soon
Parent company of Uniqlo posts solid performance
Fast Retailing posted a revenue growth of 13.2% in the three months to the start of November 2023, as compared to the same period of 2022, driven by the performance of Uniqlo abroad
Japan Retail: footwear trade is not expected to improve until the end of the year
Despite some positive news on the growth of department store sales and the return of foreign tourists, rising consumer prices set alarm bells ringing in September, suggesting that Japanese consumers in general are cutting back on spending and may be at their breaking point. In addition, the reduction in the volume of footwear imports and the impact of the country’s monetary policy on the cost of imported goods is another sign that footwear retail is unlikely to improve by the end of the year. The Government has been taking measures, but the outcome shouldn’t be seen until 2024
Changes at Uniqlo's leadership team
Fast Retailing has announced the appointment of its Founder Tadashi Yanai as CEO of Uniqlo. Meanwhile, Board Director Daisuke Tsukagoshi will serve as the retailer's COO
Uniqlo's parent company posts revenue growth
The Japanese-based company posted a 21.4% increase in revenue from September 2022 to May 2023, as compared to the same period of last year, highlighting the performance of Uniqlo abroad in the third quarter
Japan Retail: mixed signs cast a shadow over a clear outlook for the rest of the year
The growth rate of footwear consumer prices has largely outpaced that of the overall prices. This is not a good sign for the footwear sector, as discretionary items are always the first to be discarded by consumers, but it is not all bad news. The truth is consumer confidence has rebound at the start of the year, private consumption has shown some resilience and the return of tourists is a welcoming sign. Perhaps most surprising is the fact that the volume of imports has not been affected by the weakening of the yen. It remains to be seen how the outlook will unfold
Mizuno with record annual revenue
The Japan-based sportswear company announced that its fiscal 2022 revenue grew by 22.8% over the prior year, reaching the “record” amount of 212.0 billion Japanese yen (1.50 billion USD)
Loewe opens first leather goods repair store
The Spanish luxury label has opened in Osaka (Japan) its first store entirely dedicated to the repair and maintenance of leather articles. A leather artisan will be in the store ready to repair and renew damaged products brought in-
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