Uniqlo parent's drive to triple sales faces China's skeptical Gen Z

Massive market key to Fast Retailing's drive to catch up with Inditex

Shifting Chinese fashion trends are hitting Fast Retailing's Uniqlo in one of its most important markets. (Photo courtesy of Fast Retailing)

DAIKI HIRAOKA, Nikkei staff writer

June 19, 2023 23:07 JST

TOKYO -- Uniqlo owner Fast Retailing's ambitious goal of more than tripling sales to 10 trillion yen ($71 billion) in 10 years faces a stumbling block in China, where it is being snubbed by young shoppers in what had been a top-earning market.

"This definitely does not mean that we are losing confidence in the greater China region," Chief Financial Officer Takeshi Okazaki said when asked about a relatively weak forecast for the region in an earnings briefing in April.