Mitsubishi Corporation (MC) and Fast Retailing Co., Ltd. (FR) have concluded an agreement to establish a joint venture with a view to developing UNIQLO’s business in Thailand.
Since expanding into Asia in 2002, UNIQLO, a brand of the FR Group, has since expanded its network of stores to China, Hong Kong, Singapore, Malaysia and Taiwan. Through February 2011 UNIQLO was operating 132 stores across the region. MC has been developing a wide range of businesses in Thailand since 1954 and has invested in approximately 100 companies in many fields including those of machinery, metals and food.
Through the establishment of this joint venture, both companies will leverage their combined expertise to launch the first UNIQLO Thailand store in the fall of 2011, and to subsequently develop more stores in the country.
Joint Venture Overview
Business name: UNIQLO (THAILAND) COMPANY LIMITED
Location: Bangkok, Thailand
Representative: Naoki Otoma (Group Executive Vice President of Fast Retailing Co., Ltd. and UNIQLO Co., Ltd.)
Paid-in capital: 300 million Thai Baht (approximately 800 million yen)
Investment partners and capital contribution: FR Group 75.0%
Date of establishment: June 2011
Business: Sales of UNIQLO brand casual apparel in Thailand