Billionaire Tadashi Yanai, chairman and chief executive officer of Fast Retailing.
Japanese billionaire Tadashi Yanai’s Fast Retailing, the operator of clothing chain Uniqlo, said Thursday its operating profit rose 19.4% to 297.3 billion yen ($2 billion) in the year ended in August, boosted by strong sales at its stores in India, Southeast Asia and Australia.
Asia’s biggest apparel retailer said its operating income in South Asia, Southeast Asia and Oceania more than tripled in the same period. According to Fast Retailing’s 2021 annual report, the company has 270 stores across Australia (25 stores), India (6), Indonesia (40), Malaysia (48), the Philippines (63), Singapore (26), Thailand (54) and Vietnam (8), accounting for almost a fifth of the company’s international stores.
Operating profit in Greater China, which includes Hong Kong and Taiwan, declined almost 17% to 83.4 billion yen in the year ended in August. “Greater China region reported a significant contraction in profit due to COVID-related restrictions on movement,” the company explained in its earnings report. The Greater China region, where it has 932 stores, accounts for over 60% of Fast Retailing’s international stores.
In this year’s Japan’s Richest list, published in late May, Yanai, who was the second richest last year, reclaimed the title of the country’s richest person, though his fortune slid by 44% to $23.6 billion. A slowdown in sales in the domestic market, as well as in China, impacted shares of his Fast Retailing. The company’s shares are flat this year, compared to a 7.9% drop for Japan’s Nikkei 225 index.