Fast Retailing, home of the Uniqlo brand, wants to ramp up the presence of its other fashion label GU in the United States and Europe, as Asia’s largest apparel maker accelerates efforts to become a global retailer with ¥10 trillion in annual sales.
“GU has the same potential as Uniqlo,” Chief Financial Officer Takeshi Okazaki said in an interview. “We can generate as many GU stores as there are Uniqlo ones.”
The brand, pronounced as the letters G and U, sounds similar to the word jiyū, or “freedom,” in Japanese. While GU, with slightly lower prices than Uniqlo and clothes aimed at younger clientele, has a solid presence in Japan, it’s less known in other major markets. Building its presence abroad is part of Fast Retailing founder Tadashi Yanai’s push to “become a true global player,” by first doubling annual profit to ¥5 trillion within a few years.