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Japanese casual wear brand to enter the Singapore market

15
Apr '08

FAST RETAILING is to establish a joint venture company with Wing Tai Retail Pte Ltd of Singapore to facilitate the entry of its casual wear UNIQLO brand into the Singapore market. A basic agreement on the framework for the joint venture has been reached.

FAST RETAILING has been exploring the possibility of entering the Singapore market for some time and we are now pleased to announce that we have agreed a basic framework for establishing a joint venture company with our new partner Wing Tai Retail Pte Ltd.. Wing Tai Retail Pte Ltd. is a wholly owned subsidiary of the Singapore-listed property developer and lifestyle company Wing Tai Holdings Limited Singapore.

Based upon this agreement, the new joint venture company would be established in Singapore in the business year to end August 2008, with the first UNIQLO store set to open in Singapore sometime during the following business year ending August 2009. UNIQLO is well known for its high quality, fashionable basic casual clothes that can be worn by anyone, anywhere, anytime.

UNIQLO will be looking to establish a store network in Singapore and spread its appeal as a Japanese brand that offers a truly unique, fresh value through its clothes. Singapore would be UNIQLO's fourth base in Asia following the brand's success in China, Hong Kong and South Korea.

Wing Tai Holdings Limited is Singapore's leading property developer and lifestyle company reputed for quality and design. The principal activity of the company is that of an investment holding company, focused on key markets in Asia.

The core businesses of the Wing Tai Asia Group – which includes also USI Holdings Limited in Hong Kong and DNP Holdings Berhad in Malaysia – comprise property investment, development and management, as well as fashion retail, hospitality management and F&B franchise operations.

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