Uniqlo's jumbo wage hike will spur business innovation

Fast Retailing provides wake-up call for inward-looking Japanese companies

20230124 Editorial retail

Shoppers visit a Uniqlo store at the Hudson Yards development in New York. © Reuters

Fast Retailing, the operator of fast-fashion giant Uniqlo, has said that it will raise the annual salaries of employees in Japan by up to 40%.

The decision to share the benefits of business innovation, symbolized by efforts to globalize and digitize operations, will be a model for other Japanese companies.

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