Fast Retailing Co., operator of the Uniqlo casual wear chain, opened its first Taiwan store in Taipei on Thursday.
The company will also open an outlet in Malaysia next month, hoping to create a network of Uniqlo stores across Asia over the next two years, Fast Retailing President Tadashi Yanai told a news conference in Taipei on Wednesday.
The new store, with floor space of 1,450 sq. meters, is located in a department store operated by a Taiwanese company that has a business alliance with Hankyu Department Stores Inc.
"Taiwan is a very important market (for the company) as it aims to become Asia's and the world's No. 1 apparel retailer," Yanai said.
He said the entry into Taiwan is significant in securing excellent human resources.
"There are many outstanding people in Taiwan who speak Chinese, Japanese and English. They will be an asset for our company in expanding its presence around the world in the future," he said.
Yanai said the company will shed its dependence on China, which supplies more than 80 percent of its products, and will secure more than 30 percent of its merchandise from Thailand, Vietnam and other countries.
Fast Retailing made its first advance into a foreign market in London in 2001 and has since expanded its overseas network to eight countries.