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GM2010 - Fast Retailing/Uniqlo: The next 10 years

Our strategy for the Japan-based group Fast Retailing and its core brand Uniqlo to become the world's largest apparel retailer.
A students' answer to a case study suggested by Professor Roy Larke (Rikkyo University, Tokyo, Japan).

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GM2010 - Fast Retailing/Uniqlo: The next 10 years

  1. 1. THE POWER RANGERS Kyoko Hemmi/08bn107e - Christian FriisJensen/10bn937k - Ya Su/10bn951j - Jay Choi/10bn927j - Thérèse Vu Xuan/10km905c FAST RETAILING/UNIQLOThe nexttenyears
  2. 2. Swotanalysis FIGURES: Datamonitor, FastRetailingCompany profile, 23 Jun 2010
  3. 3. UNIQLO at the core of Fast Retailing’s strategy FAST RETAILING, Uniqlo’s parent company, aims at becoming the world’s No 1 apparel retailer group by 2020 With Uniqlo as the No 1 apparel brand in Japan Target of quadrupling annual sales to Y2,000 bnby 2020 Ensure profitability, with the SPA business model Ensure top level of growth, with an increasing presence abroad Win customers by responding to their demand Sticking to Uniqlo’s core positioning ‘quality at reasonable price’ Launch of hit products : basic design combined with high performance Focus on big scale stores in Japan and major global cities overseas Objectives
  4. 4. a UNIQUE message Strengthen basic lines (70% of the product range) lightweight Heattechapparel (to warm), thin Camisole apparel (to refesh) Denim. Jeans at 990 yen; UJ: higher quality denim jeans; Stretch leggings; Leggings-pants Down jackets: made exceptionally thin and light weight Bra-tops and other Style Up products Camisole line asnight underwear More fashionable items (30% of the product range) Neo leather, PVC, fur-like items to target young people UT (logo designed t-shirts, featuring Disney, famous anime characters etc…) Initiate collaborations with topnotch designers for limited edition (eg+J designed by JilSander) Clothes that last and won’t go out of fashionLever of differentiation from Inditex, H&M (fast fashion)
  5. 5. From a Japanese firm... The Japanese market is saturated Today, sales outside Japan represent 10-20 per cent of total revenues and domestic business 80 per cent. The aim is to reverse that ratio by 2020. Of projected global sales, half are expected to come from China and Asia, a quarter from the US and a quarter from Europe. …to a Japan-born firm A universal positioning: ‘High quality at low price’. In a global context where consumers are more and more price-sensitive. Japanese quality but global design: basic design that match all tastes  Spreading a global UNIQLO’s brand message = UNIQLO is a new-style Japanese firm making good casual clothes available for ALL to wear Global expansion
  6. 6. From a Japanesefirm… Become No 1 at home Strengthen women’s wear (until now, sales of women’s items rose 17.1% year on year) Expand large-format store network (more profitable and less stocks) Develop large format outlets inside department stores and other city centre retailers (low rent, benefit from high-end image of these stores, encourage convenient buying) Strengthen Uniqlo’s brand image by developing other Fast Retailing brands on the UNIQLO model Cabin: consolidate brands to become Japan’s top women’s wear chain within five years. Younger, more fashionable than Uniqlo, but always top quality Gov Retailing: develop a low-cost image, even cheaper than Uniqlo at slightly lower quality + footwear range
  7. 7. … to a Japan-born global firm First to Asia Currentflagship store in Shanghai (about 3,600 sqm) = the largest Uniqlo store 59 Uniqlo outlets in China and Hong Kong (Feb 2010) Aggressive development of multiple store networks in Asia: 1,000 stores in China by 2020 (>$10 bndollars in sales) Then to Europe and the US Develop global flagship stores in topnotch areas Increase quickly the presence in Paris (from 2 current stores to 10) and New York (from 1 to 10 stores) Increase presence in major downtown trendy shopping area (focusing only on a surface of >2000 sqm) 300 new stores in Europe by 2020: target major cities (London, Barcelona, Madrid, Berlin, Hamburg, Düsseldorf, Frankfurt, Rome and Milan) 200 new stores in the US by 2020: target major cities including San Francisco, Chicago and Boston Finally to emergingmarkets(especiallyIndia and Brazil) At the same time, maintain a strongonlinepresence Via Uniqlo.com = a complete portal which allows online registration, creation of a personal profile including favorite items, discounts, customization of some items Coupons and limited-time campaigns via social networks (Twitter, Facebook…) Ads featuring global celebrities (esp. those with a ‘larger than life’ personnality and a social committment, like Sean Penn, Leonardo DiCaprio, and how they wear Uniqlo products in their daily life)
  8. 8. From a Japanese group to a global venture company With a portfolio of complementary brands, serving all segments From a UNIQLO-dominated company to a corporate group boasting multiple global brands Strengthen some brands in home market (Uniqlo shoes, G.U., Cabin…) Nurturing some brands into global maturity Currently 35% of Comptoir des Cotonniers sales are made out of France = objective by 2020 is 75%, by opening 4 stores in NY (soon 3 new stores) + 20 new stores in Europe + 10 in Japan (where they are already 33 stores). Develop a network of large-scale stores for underwear brand PrincesseTam Tam Purchase companies that could become potential platforms for UNIQLO in Europe and the US Main competitors? GAP… Eco-friendly brands to reinforce ‘green’ committment FastRetailing
  9. 9. CSR policy Ultimate Recycling = put the UNIQLO recycling campaigns ‘Thank You Recycle’ to a further extend In-store collection of UNIQLO products all year round Items collected are distributed according to their condition Reused - donated to refugee camps & other people in need Recycled - as limited edition items (not only clothes, but Uniqlo branded products) Social business: joint venture with Grameen Bank, involvement in refugees camps (= focus on global issues) Localized sponsorships on a global scale Custom Prints for local events hosted by educational institutions Eg: University orientation week, students circles, fundraisers Provide Heattech products for junior sports events Hockey undergarments, etc.
  10. 10. Projections In the short term (+ 1 to 3 years): Internal restructuring and adapting to changes required Overcome the ‘Japanese’ management style Reduce sourcing from China + find new suppliers concerned with Uniqlo’s quality Adopt a global perspective and a global business culture Train a new generation of store managers at home and overseas Progress should be slow Opening new stores in major cities overseas requires long researches for ideal locations Opportunities of acquiring brands with global potential are random Company may stall in terms of profitability increase for a short period In the long-term (from + 5 years up to 2010): The restructure of the Fast Retailing group should be completed With Uniqlo as its jewel brand Supported by a global network of complementary yet strongly differentiated brands With a realigned competitive focus Growth and adaptation to new markets should yield increased profitability