A screen grab of UniqloNew Delhi/Mumbai: Fast Retailing Co., operator of the Uniqlo casual-wear brand, has applied to open stores in India as Asia’s largest clothing chain increases its reliance on overseas markets. The Japanese company submitted an application on 21 November seeking government approval to do business in the country under the Uniqlo brand name, according to a filing on India’s Department of Industrial Policy & Promotion website. “India is a market with great potential,” Pei-Chi Tung, a spokeswoman for Fast Retailing, said in an email. Fast Retailing last month reported the biggest jump in annual earnings in more than a decade, driven by a near doubling of operating profit at Uniqlo stores outside of Japan. Fast Retailing was down 0.2% in morning trading in Tokyo on Friday, paring a 1.1% drop at the market’s open.

Source: Mint November 24, 2017 04:30 UTC