Fast Retailing Co., which runs the Uniqlo casual clothing chain, said Monday it will spend up to 400 billion yen over the next three years to acquire apparel businesses as part of an overall plan to evolve into a global powerhouse.
"We plan to do a few mergers and acquisitions targeting companies that can make 100 billion yen in revenue" in the near future, CEO Tadashi Yanai told a news conference announcing its business strategy.
He said the company will gear up overseas operations this fall, expanding its Uniqlo chain as well as acquiring fashion businesses.
The firm also said Monday it will open its first U.S. outlet at a shopping mall in New Jersey on Sept. 15, with two more scheduled in the same state by the end of October.
The company plans to increase revenue from Uniqlo's overseas business from 5 billion yen at present to 100 billion yen in 2010, when it aims to post group sales topping 1 trillion yen.
As part of its global strategy, Fast Retail also said it will set up design studios in main overseas markets to quickly pick up the latest trends.