Yamaguchi, Yamaguchi Prefecture, Japan, 2017-Sep-13 — /EPR Retail News/ — Fast Retailing Co., Ltd. and Mitsubishi Corporation have agreed to turn Limited Liability Company UNIQLO (RUS), Fast Retailing’s subsidiary operator of the UNIQLO brand in Russia, into a joint corporation through issuance of new shares to Mitsubishi Corporation.
Fast Retailing first entered the Russian market in 2010. The company has subsequently expanded its UNIQLO network in Russia to a total of 20 stores as of the end of August 2017. Mitsubishi Corporation has been operating in Russia since 1968, and has built presence in a broad range of operations, including energy and automobile sales.
Both companies are committed to jointly expanding UNIQLO (RUS) operations going forward. Making UNIQLO (RUS) into a joint corporation will enable the company to access Mitsubishi Corporation’s long-standing knowledge and experience to help accelerate new store openings, improve awareness of the UNIQLO brand, and build a stronger operational base in the Russian market.
Following the issuance of new shares, Fast Retailing will own a 75% stake and Mitsubishi Corporation will hold a 25% stake in UNIQLO (RUS).
Overview of UNIQLO (RUS)
|Company name||:||Limited Liability Company UNIQLO (RUS)|
|Business location||:||10F, Citydel Business Centre, 9 Zemlyanoy Val., Moscow, 105064, Russian Federation|
|Operating officer||:||Taku Morikawa, Group Executive Vice President,
Fast Retailing Co., Ltd.
|Investment subscription||:||1.31001 billion rubles (approx. 2.5 billion yen)|
|Current ownership||:||Fast Retailing Co., Ltd. (100%)|
|Main business||:||Retail, and activities relating to the retail of UNIQLO brand casual clothing in the Russian Federation|
SOURCE: FAST RETAILING CO., LTD.