Uniqlo India reports 86% jump in FY21 sales

Uniqlo India reports 86% jump in FY21 sales

Uniqlo India reported an 86% jump in sales to Rs 239 crore for the fiscal year ending March 2021, up from Rs 128 crore for 2019-20 even as the Japanese fashion retailer reported a 43% decrease in its net loss to Rs 36 crore from a year earlier.

The Registrar of Companies (RoC) figures accessed by business intelligence platform Tofler showed Japan’s largest fashion retailer’s total expenses in India stood at Rs 275 crore for the year compared to Rs 192 crore a year earlier.

Uniqlo, the world’s third largest fashion brand behind Spain’s Zara and Sweden’s H&M, entered India in October 2019 or months before a devastating Covid-19 struck India that left physical retailers reeling under heavy losses and piling inventories as India observed months of lockdown in March 2020 onwards to curb the spread of the virus.

Analysts say Uniqlo’s performance for the year 2020-21 is impressive given that its stores were shut for months like any other brick-and-mortar retailers. In July, Uniqlo also rolled out its e-commerce webstore in India.

So far Uniqlo has opened half a dozen outlets in the National Capital Region (NCR) as capital city of Delhi and its suburbs are known as.

Uniqlo is now planning to open stores in Mumbai next year and is in talks for spaces with a couple of prominent malls in that city, according to various mall executives.

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