Opens two stores in Grameen tie-up in Dhaka July 5
Japanese clothing giant Uniqlo on Saturday announced that it
would invest $4.6 million in Bangladesh.
As part of the investment, the company under a joint venture with Grameen Bank will open two stores named Grameen Uniqlo in Dhaka on July 5.The stores will be the first foreign clothing retail outlets in Bangladesh.
At the announcement programme in a city hotel, Uniqlo officials said opening of the stores in Bangladesh would be their first step and their next step would be a long-term commitment to making a deeper contribution to this fast developing nation through social business initiatives.
Yukihiro Nitta, chief executive officer of Grameen Uniqlo Ltd, hoped that the initiatives of the company in Bangladesh would help accelerate the development of economy and make a contribution to wider society while enriching people’s lives.
He said the Grameen Uniqlo stores would be located on New Elephant Road and Banasree in Dhaka and the stores would offer a range of 32 items for men and 10 for women for between Tk 190 and Tk 1,190.
‘We reinvest any profit to grow the business and help to address challenges as our aim is to nurture independence and self-sufficiency and to contribute toward raising the standard of living in Bangladesh,’ Yukihiro said.
Fast Retailing Co Ltd, the owning company of Uniqlo, will hold 99 per cent share in Grameen Uniqlo Ltd and Grameen Healthcare Trust the rest.
Tadahiro Yamaguchi, chief operation officer of Grameen Uniqlo Ltd, said,
‘The company which is designing and producing the collection in Bangladesh using locally sourced materials and offering clothes at a price point that is affordable to people living below the poverty line.’
Tadahiro said the Grameen Uniqlo stores would sell original product lines that were locally made with locally sourced fabrics.
Product lines will feature highly practical items in a range of colours made from synthetic fibres, like polyester and polyurethane, he added.
-With New Age input
