Views:0 Author:Site Editor Publish Time: 2020-03-31 Origin:Site
As the situation comes under control in China, the Japanese fast-fashion retailer Uniqlo opens most of its stores located in the country.
Image Courtesy: fastretailing.com
People return to their work as the situation gets better in China and South Korea; however condition is still worse in USA and Italy.
Fast Retailing, which owns the brand, had closed about 350 of its casual clothing stores and some partner factories in China a month ago.
Out of 750 Uniqlo stores in China, 30 stores that are located in the Hubei province remain closed, while other stores situated outside the virus outbreak epicentre are slowly resuming the normal operations.
This shutdown due to Coronavirus pandemic has created a fear of decline in Japanese fast-fashion retailers’ profits, since China as a market plays an important role in the company’s growth.
The brands’ shares went down by nearly 30 per cent since the beginning of the year.
While the company is resilient to survive a possible recession if and when it comes, the board of directors ‘hold’ the situation than ‘underperform’.