Fast Retailing and Mitsubishi Corporation Conclude Agreement to Establish a
Joint Venture and the First UNIQLO Store in Indonesia
Tokyo, Feb 13, 2013 - (JCN Newswire) - Fast Retailing Co., Ltd. and Mitsubishi
Corporation have concluded an agreement to establish a joint venture company
with the aim of developing UNIQLO's retail business in the Republic of
Ever since opening its first store in the Asia* region in 2002, UNIQLO has
launched retail operations in China, Hong Kong, Singapore, Taiwan, Malaysia,
Thailand and the Philippines. As of end January 2013 the company has 338 UNIQLO
stores in Asia. Mitsubishi Corporation began operating in Indonesia in 1954.
Currently the company has investments in 43 different businesses in a number of
industries, including energy, automobile and chemical. (*excludes Japan)
Fast Retailing and Mitsubishi Corporation established a joint venture company
in 2011 for the purpose of launching UNIQLO retail operations in Thailand. The
UNIQLO business in Thailand has grown to 6 stores, as of the end of January
2013, and it is progressing according to plan.
Through the creation of the latest joint venture between Fast Retailing and
Mitsubishi Corporation, the two companies will leverage their combined
expertise to open the first UNIQLO store in Indonesia in summer 2013. The joint
venture company aims to expand its business in this market and open more stores
in the future.
The impact, if any, of this development on Fast Retailing's consolidated
and nonconsolidated results for the fiscal year ending August 2013 is expected
to be minimal.
Joint Venture Overview
Company name: PT. FAST RETAILING INDONESIA
Location: Jakarta, Republic of Indonesia
Representative: Naoki Otoma,
Fast Retailing Group Executive Vice President
Paid-in capital: 1 billion yen
Capital: Fast Retailing 75.0%
Mitsubishi Corporation 25.0%
Type of business: Sales of casual apparel in Republic of Indonesia
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net
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