Uniqlo, a subsidiary of Japanese retail holding company Fast Retailing – plans to form a joint venture with three Pakistani companies, to boost textile exports. The brand will outsource textile garments for its more than 3,000 outlets worldwide. Uniqlo initially selected five textile companies in Lahore, Faisalabad, and Karachi and sent its two member team to meet their representatives and assess the potential.
Pakistan’s textile exports rose around 9 percent to $13.53 billion for the fiscal year ended June 30, which account for more than 60 per cent of the country’s total exports. Yet, Pakistan has lost its textile export share in the world market to 1.7 per cent from 2.2 per cent over the last decade.
In February, Spanish Inditex Group, the world’s biggest clothes retailer and owner of fast fashion brand Zara, opened its maiden branch office in Pakistan to double its imports from the country. Other key foreign buying houses in the country include IKEA, Walmart Global Procurement, Li and Fung Pakistan, Target and JC Penny.