TOKYO, Aug 31, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) has partnered with Fast Retailing Co., Ltd. to launch and develop UNIQLO's retail business in the Republic of Vietnam from Fall, 2019.
The companies will launch the business together by opening the first UNIQLO store in Ho Chi Minh City, establishing the UNIQLO brand in the country's most populous city before considering other areas. Recruiting of local talent will commence immediately in preparation for the opening of the first UNIQLO store in one of Southeast Asia's most exciting, high-growth economies.
Fast Retailing Co., Ltd opened its first UNIQLO store in Singapore in 2009, signaling the start of its business in the Southeast Asia and Oceania region. UNIQLO then launched retail operations in Malaysia, Thailand, the Philippines, Indonesia, and Australia. As of the end of May 2018, the company has 193 UNIQLO stores in the Southeast Asia and Oceania region.
MC began operating in Vietnam in 1955 and the company has been expanding its businesses in a wide range of industries, including automobiles and industrial machinery.
Vietnam will be the fourth country in which Fast Retailing and MC have established a joint venture company(1) following Thailand in 2011, Indonesia in 2013, and Russia in 2017. In these countries, UNIQLO's business has grown to 39 stores in Thailand, 18 stores in Indonesia, and 29 stores in Russia as of the end of May 2018.
Joint Venture Overview
Company name: UNIQLO VIETNAM CO., LTD.
Location: Ho Chi Minh, Republic of Vietnam
Representative: Satoshi Hatase, Fast Retailing Group Senior Vice President
Capital contribution(1): Fast Retailing (Singapore) PTE. LTD. - 75%; Mitsubishi Corporation - 25%
(1) Pending company registration final approval.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Aug 31, 2018 08:46 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
From the Asia Corporate News Network
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