Uniqlo India sees sales cross Rs 600 crore, profits triple in FY23

September 12, 2023

Category: GARMENTS

Country: India

Region: Asia Pacific

Japanese clothing and accessories brand Uniqlo saw its net revenue increase by 69% year-on-year in the 2023 financial year to reach Rs 624.6 crore. The business’ profits close to tripled during the fiscal to total Rs 68.38 crore.

By Isabelle Crossley
Sep 8, 2023

The brand had reported sales totalling Rs 391.7 crore with a profit of Rs 21.4 crore in the 2022 financial year, ET Bureau reported. Uniqlo is known for its functional, casual clothing, which sets it apart from many of the colourful fast fashion brands in India.

“Indians like affordable pricing but high quality clothing,” Uniqlo India’s CEO Tomohiko Sei told the Economic Times. “We want to be in India for 100 years and don’t have a short term vision in store numbers and sales targets. We are not just chasing fashion. Store target number is not our purpose and product quality is the main focus.”

Uniqlo opened its first store in India in September 2019 but its initial expansion plans were delayed following the Covid-19 lockdowns which came into effect from the Spring of 2020. In August, Uniqlo announced its plans to open its second store in Mumbai this October and open a store in Faridabad’s upcoming Pacific Mall.