Fast fashion chains such as Zara and H&M have done pretty well during this global recession, but it seems that the big player in fast fashion is Uniqlo (according to www.forbes.com):
Fast Retailing sees record profit on Uniqlo boom
"Globally, budget fashion retailers like Spain's Inditex's Zara and Sweden's Hennes & Mauritz are weathering the downturn better than mid-priced rivals, but Uniqlo's monthly same-store sales growth have been much bigger than these chains.
The company said Uniqlo stores overseas have been posting strong sales growth, both in Asia and Europe, where it opened a large-scale store in Paris this month.
'The reason for our strong performance is that we have won recognition globally as a new Japan-born brand, different from H&M, Zara and Gap ( GPS - news - people ),' company CEO Tadashi Yanai told a news briefing."
Uniqlo is a chain that provides quality goods such as cashmere sweaters at a more affordable price point.
It is different from fast fashion chains such as Zara, Forever 21, Topshop, and H&M because it does not attempt to sell inspired versions of high fashion. It just sells luxurious basics in every color you can imagine.
"'Fabrics like heat-tech will remain a very niche strength to compete with those Western players who focus only on fast fashion and don't really care about the quality of the fabric as much,' said Jeanie Chen, retail analyst at CLSA, referring to Fast Retailing's fabric that helps keeps users warm."
However Uniqlo has attempted to branch out of its basics to some more fashion forward designs. It is learning lessons about collaborations from chains such as Target and H&M. It is planning on unveiling a collaboration with Jil Sander this month in its stores.
So far Uniqlo has its SoHo store in the United States. According to the article in Forbes, there may be some more aggressive expansion into the United States. Will we be seeing a Uniqlo near you soon?
Recessionistas must be rejoicing everywhere!
2 comments:
I *want* to love Uniqlo (love its concept, love the spectrum of colors, etc.), but everytime I walk in, nothing strikes my fancy! (Nothing looks "unique" to me, despite its name, "UNIQlo.") That they've got a venture with Jil Sander excites me!
I admit that Uniqlo has mostly blah stuff, but I do love that they have cheapie cashmere sweaters. Perhaps its the Buffalo in me, but I would love to live in a cashmere lined cocoon. Too bad its expensive most of the time.
Wait till we see how Jil Sander does first. In the meantime, did you see the new Jimmy Choo line for H&M that debuts in November? I want the studded leather bag!!!
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