H&M, Uniqlo, Gap and Starbucks among others have taken measures to deal with the coronavirus outbreak in China, closing several branches in the Wuhan area and, in some cases, elsewhere in the country too.
Circumstances conspired against Fast Retailing in Q1 with the firm having faced several obstacles in the Asia market. And its Uniqlo chain was also at the mercy of the weather last month as high temperatures hit sales.
Japan’s SoftBank Group Corp said Tadashi Yanai, founder and CEO of Uniqlo parent Fast Retailing, will resign as independent board member at the end of the month after 18 years on the job to focus on his fashion business.
Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.
An ad by Japanese clothing brand Uniqlo has stirred a consumer backlash in South Korea amid accusations that it mocks victims of wartime forced labour and brothel workers, reopening wounds from Japan’s colonial past.