Fast Retailing and Mitsubishi Corporation Conclude Agreement to
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 Indonesia.
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.
Mitsubishi Corporation Telephone:+81-3-3210-2171 Facsimile:+81-3-5252-7705
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