Uniqlo — A Unique Approach to Clothing
High-end fashion labels suffered during the recent downturn. However, some clothing companies not only weathered the storm but came up smelling of roses. The Japanese retail chain Uniqlo is a case in point. Sales for Japan's top brand were up by nearly 17 percent for the last fiscal year, and Uniqlo's owner, the Fast Retailing Co., posted a 23 percent profit for the same period.
It shouldn't come as a surprise. During Japan's recession-plagued 1990s, Uniqlo succeeded where others fell by the wayside, making its name by combining quality with affordable prices. It's all down to founder Tadashi Yanai's groundbreaking approach. Yanai's fortunes have mirrored those of his brand. With an estimated wealth of US$6 billion, he has been ranked Japan's richest person for 2009 and 2010. How did he achieve such remarkable success?