Uniqlo India crosses Rs 600 crore annual sales, profit trebled during FY23
Uniqlo, Asia's biggest clothing brand, has posted a 69% increase in sales while net profit nearly tripled for its Indian unit during the year ended March 2023.
The Japanese brand posted a net profit of Rs 68.38 crore with net revenues of Rs624.6 crore, according to its latest filing with the Registrar of Companies. A year ago, it had a profit of 21.4 crore with sales of Rs391.7 crore.
«Indians like affordable pricing but high quality clothing.
We want to be in India for 100 years and don't have a short term vision in store numbers and sales targets. We are not just chasing fashion.
Store target number is not our purpose and product quality is the main focus,» Tomohiko Sei, chief executive officer, Uniqlo India told ET last month.
The Japanese brand opened its first door in the country in September 2019, but stringent lockdown measures announced in March 2020 to contain the Covid-19 outbreak delayed its store expansion plans, restricting its store count to about ten outlets so far. The retailer is now opening two stores in Mumbai over the next two months.
Sales of organised retail segments grew 34% during FY22-23 compared to pre-pandemic (FY20), largely driven by quick service restaurants, sporting goods and electronics, a report by RetailersAssociation of India (RAI) has said.
Zara, the world's biggest fashion brand, posted a 40% rise in sales during FY23.
Inditex Trent, its joint venture with Tata that runs 20 Zara stores in India, saw revenue expand to Rs 2562.5 crore last fiscal, according to Trent’s annual report. Net profit rose 77% to Rs 264 crore in FY23.
Over the past decade, global brands Zara and H&M have become market leaders in the fast fashion segment in India.
