Uniqlo’s parent company, Fast Retailing, has acquired a 35 per cent stake in Hanoi-based women’s fashion brand Elise. Elise, which has over 100 stores across the country, has received millions of dollars from the deal – a figure much higher than its entire charter capital.
The store will be operated by a joint venture between Fast Retailing and Mitsubishi Corporation. Its arrival in Vietnam will intensify competition for foreign brands as Zara and H&M who have already successfully launched there.
Vietnam is one of the markets Uniqlo is counting on to double its store network in Southeast Asia and Oceania to around 400 by 2022.According to German firm Statistics Portal, Vietnam’s fashion revenue will annually grow 22.5 per cent from 2017 to 2022, and its clothing sales will surge to an estimated $245 million this year.
