September 11, 2017
Fast Retailing Co., Ltd.
UNIQLO (RUS) becomes a Joint Corporation between Fast Retailing and Mitsubishi Corporation
Fast Retailing Co., Ltd. and Mitsubishi Corporation have agreed to turn Limited Liability Company UNIQLO (RUS), Fast Retailing’s subsidiary operator of the UNIQLO brand in Russia, into a joint corporation through issuance of new shares to Mitsubishi Corporation.
Fast Retailing first entered the Russian market in 2010. The company has subsequently expanded its UNIQLO network in Russia to a total of 20 stores as of the end of August 2017. Mitsubishi Corporation has been operating in Russia since 1968, and has built presence in a broad range of operations, including energy and automobile sales.
Both companies are committed to jointly expanding UNIQLO (RUS) operations going forward. Making UNIQLO (RUS) into a joint corporation will enable the company to access Mitsubishi Corporation’s long-standing knowledge and experience to help accelerate new store openings, improve awareness of the UNIQLO brand, and build a stronger operational base in the Russian market.
Following the issuance of new shares, Fast Retailing will own a 75% stake and Mitsubishi Corporation will hold a 25% stake in UNIQLO (RUS).
Overview of UNIQLO (RUS)
Company name: Limited Liability Company UNIQLO (RUS)
Business location: 10F, Citydel Business Centre, 9 Zemlyanoy Val., Moscow, 105064, Russian Federation
Operating officer: Taku Morikawa, Group Executive Vice President, Fast Retailing Co., Ltd.
Investment subscription: 1.31001 billion rubles (approx. 2.5 billion yen)
Current ownership: Fast Retailing Co., Ltd. (100%)
Main business: Retail, and activities relating to the retail of UNIQLO brand casual clothing in the Russian Federation
Inquiry RecipientMitsubishi Corporation
Telephone:+81-3-3210-2171 / Facsimile:+81-3-5252-7705