Uniqlo pledges to win Vietnamese customers’ heart with quality

A day ahead of official debut of the Japanese fashion brand in Vietnam on December 6^th, Billionaire Tadashi Yanai, founder and chairman of Fast Retailing, parent company of Uniqlo, said his firm will not reduce prices to win customers but win their sympathy by good quality.

After several years studying the market, the fashion retailer decided to open Uniqlo Dong Khoi, one of its largest stores in Southeast Asia, though the company had been having products made in Vietnam.

"There are several reasons for us to move factories from China to Vietnam, but the most important reason is the clothes made in Vietnam meet our high standard requirements,” said Tadashi Yanai.

First customers visit Uniqlo Dong Khoi. Photo: Diem Trang

"With young population and thriving fashion market, Vietnam is a promising land for international fashion brands including Uniqlo” added the 80-year-old billionaire.

Upon Uniqlo debut, Vietnam fashion market has three world’s biggest fashion brands including Zara, H&M and Uniqlo. This market has value of $5 billion in 2018 and is expected to reach $7 billion in 2023, according to Seedcom Investment Fund.

Uniqlo has stores in 25 countries around the world, including Vietnam. Uniqlo Vietnam was established on October 2, 2018 as a joint venture with 100% foreign capital. Fast Retailing in Singapore accounts for 75% of the capital and Mitsubishi Corporation holds 25% stake.

As of June 2019, founder and chairman of Fast Retailing was ranked the 31^st richest person in the world. He is the richest person in Japan, with an estimated net worth of $24.9 billion.

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