NEW DELHI :
Japanese apparel retailer Uniqlo India Pvt. Ltd reported an 86% jump in revenues at ₹239 crore for the financial year ended 31 March 2021, according to financial data accessed by business intelligence platform, Tofler.
Its losses for the year stood at ₹36 crore. The company narrowed losses in the last fiscal. In the year-ago period, Uniqlo India reported a loss of ₹64 crore.
The company’s total expenses for the fiscal were reported as ₹275 crore. Employee benefit expenses stood at ₹43 crore.
The numbers highlight the company’s performance in the pandemic-struck year when retailers faced temporary store closures and sales of apparel, in general, took a beating.
However, consumers swapped occasion and formal wear for more comfort clothing. As a result, demand for T-shirts, sweatpants and shorts went up.
Uniqlo retails more casual clothing—including a range of T-shirts, trousers, active wear, sweatshirts, and denims. Its ultra-light down jackets and parkas, too, have found favour among shoppers.
The Japanese retailer that globally competes with Inditex’s Zara and Swedish retailer H&M opened its maiden store in India in October 2019 in the capital city of New Delhi.
It now has a total of six stores in Delhi-NCR. It added three of these stores in the last financial year.
In July, the company announced the launch of its official online store after covid-19 lockdowns stores shut. The retailer launched a brand-new website and mobile application to customers nationwide to ensure a faster and convenient shopping experience.
“During the financial year under review, to scale up the business and to cater to a larger customer base that would be prospectively advantageous to the overall interest of the company, it was intended to start off and have online e-commerce on board,” the company said in its filing.
Uniqlo is part of Japanese apparel major Fast Retailing that operates multiple fashion brands including Uniqlo, GU, and Theory across markets. Uniqlo, the group’s flagship brand, has 2,312 stores in 25 countries and regions. In all, the group had 3,527 stores in FY21.
The retailer was the latest large fashion brand to enter the Indian market and offer western clothing.
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!