Japanese firm Fast Retailing Co Ltd and Mitsubishi Corporation have agreed to turn UNIQLO (RUS), the former’s subsidiary operator of the UNIQLO brand in Russia, into a joint corporation through issuance of new shares to the latter. This will enable Fast Retailing to leverage Mitsubishi’s experience to open new stores and improve brand awareness in Russia.
Fast Retailing, which entered the Russian market in 2010, has 20 UNIQLO stores there. Mitsubishi has been operating in Russia since 1968. After new shares are issued, Fast Retailing will own a 75 per cent stake in UNIQLO (RUS), according to recent press release from Fast Retaling. (DS)
Fibre2Fashion News Desk – India