Uniqlo will raise prices on its upcoming autumn and winter garments by about 5 percent, a company source said on Tuesday, as the apparel chain owned by Fast Retailing Co. tries to offset the effects from rising raw material costs and the weaker yen.
The first-ever price hike by Uniqlo, which has kept prices low with a business model that incorporates the production process from design to final sale, may prompt its competitors to follow suit and thereby help lift Japan out of chronic deflation.
The price hike for products coming out this summer reflects the growing costs of raw materials such as cotton and wool, the source said.