Uniqlo operator seeks Western brands on expansion push

0 Comments | AFP, September, 2007

TOKYO (AFP) — Japan's Fast Retailing, the operator of Uniqlo casual clothing shops, set its sights Tuesday on buying a major Western brand as it unveiled plans for a third global flagship store in Paris.

Fast Retailing has set a goal of doubling its global sales by 2010 through expansion both in Western cities and in Asia to compensate for slack growth in Japan.

The Japanese company last month dropped out of the bidding war for the prestigious Barneys New York department store, declining to match a 942.3-million-dollar offer from Dubai investment firm Istithmar.

But the company said it still had a budget of 300 to 400 billion yen (2.5 to 3.5 billion dollars) for acquisitions.

"Our strategy of mergers and acquisitions is aimed at restructuring our...