Uniqlo, the popular Japanese Casual Wear designer has become very popular among the New Yorkers during Fall and Winter. Let us see why. Uniqlo focuses on superior quality, performance-enhanced casual wear at very affordable prices. Its clothing is brand new and fashionable. Its fabric innovation and in-house design provide brilliant and unique functional performance.
We will learn the Uniqlo’s secrets of success. Some recent surveys have found out a few interesting facts about Uniqlo. It is the third largest retailer in the world, behind only Zara and H&M. Its USP is sustainability and moderate product offerings.
Uniqlo’s market value is 7 billion dollars and has aspiring expansion plans coming up. They are contemplating of doubling its number of stores in South East Asia and Oceania in the next 4 to 5 years. Uniqlo currently has about 180 stores in the region. The retailer also is in the process of launching 4 store locations in Canada, shortly.
Uniqlo focuses on affordable pricing and is not keen on competing with popular brands. Uniqlo delivers large orders in consistent manufacturing batches to achieve maximum value. Its focus on well-made basics and values rather than quick trends keeps the retailer unique.
It has been found out that technology, inclusivity, price points, moderate selections and sustainability are the major elements behind Uniqlo’s phenomenal success.
Tadashi Yanai, the CEO of Uniqlo’s parent company, Fast Retailing, called Uniqlo a “digital consumer retail company” rather than an apparel company. Uniqlo created signature technological fabrics, such as HeatTech to keep a wearer warm when worn.
Uniqlo’s slogan, “Made for All,” is clearly represented in its consumer base. The wearers of Uniqlo are multiracial hailing from various regions and income groups.
The 35% of Uniqlo’s offerings fall into the price range of under $10, and 7% is priced over 50 dollars. Due to this, almost 25 percent of Uniqlo’s products fall between 10 and 40 dollars, emphasizing both quality and affordability.
Uniqlo reduced its assortment by 4.4% in the last 1 year instead of increasing it further. This means that, it looks at product design very thoughtfully and does not go crazy in confusing wearers by creating more designs and focusing less on their actual needs.
These days, shoppers make buying decisions based on whether a brand meets their values, so Uniqlo’s concern for sustainability echoes with its consumer base and works towards building a long term brand-consumer relationship.
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