Japanese Mitsubishi Corporation will buy 25% of Russia unit of the Japanese retailer Uniqlo – “Uniqlo Rus”. The deal has already been approved by the Federal Antimonopoly Service (FAS). The companies have agreed about an upcoming transaction on September 11, 2017.
The amount of the transaction has not been disclosed. However, the entire Russian business of Uniqlo is estimated at 1.3 billion rubles, said representative of Mitsubishi.
Uniqlo entered the Russian market in 2010 by opening its first store in the Moscow shopping center “Atrium”. By 2020 Russia should account for 7-8% of global brand sales versus about 2% in 2015, told at the time Executive Director of “Uniqlo Russia” Taku Morikawa. At the end of August there were 21 stores, mainly in Moscow and St. Petersburg. According to “SPARK-Interfax”, in 2016, revenues of “Uniqlo Rus” amounted to 6.4 billion RUB, net profit of 539 million RUB. Uniqlo operates more than 1,800 stores in 18 countries.
According to “SPARK-Interfax” currently the sole owner of “Uniqlo Rus” is still Japanese holding company Fast Retailing Co. On completion of the transaction it will own 75%, as per message of Mitsubishi Corporation.
The companies plan to work together to expand the Uniqlo business in Russia. The cooperation will open Uniqlo access to years of knowledge and expertise of Mitsubishi Corporation emphasized in its statement that will help to accelerate the opening of new stores, enhance Uniqlo brand awareness, and strengthen positions on the Russian market.
Fast Retailing and Mitsubishi already have a similar cooperation experience: Mitsubishi also owns 25% in the Uniqlo business in the markets of Thailand and Indonesia, said the representative of the Corporation.