When Yukihiro Katsuta joined Uniqlo in 2005, the clothing retailer’s founder Tadashi Yanai confided that the chances of successfully taking his brand global were perhaps “0.5 or 1 per cent”.
Today Yanai is Japan’s second-richest person and Katsuta is the company’s research and development head. As Uniqlo sets its sights on conquering North America and Europe, Katsuta believes “the dream is coming true”. Sales in both territories have more than tripled since 2021.
Uniqlo accounts for over 85 per cent of sales at Fast Retailing, Asia’s biggest fashion retailer. If this year’s forecast for total revenue of ¥3.9tn ($24.1bn) is achieved, the group will be within touching distance of H&M — and it is already setting its sights on Zara owner Inditex, currently the world’s largest store-based fashion retailer.