Uniqlo, the largest clothing brand in Asia, has reported a 69 per cent increase in sales, with its Indian unit nearly tripling its net profit for the fiscal year ending in March 2023.
According to their latest filing with the Registrar of Companies, the Japanese brand achieved a net profit of Rs 68.38 crore, with net revenues reaching Rs 624.6 crore, compared to the previous year when the brand reported a profit of Rs 21.4 crore and sales of Rs 391.7 crore.
Uniqlo initially entered the Indian market in September 2019, but due to stringent lockdown measures imposed in March 2020 to combat the Covid-19 outbreak, the expansion of its store network was delayed. As a result, the brand currently operates approximately ten outlets in the country. However, it is planning to open two new stores in Mumbai over the next two months, signaling its commitment to further growth in the Indian market.