Japanese casual wear retailer GU to open first store in South Korea

By On July 23, 2018

Japanese casual wear retailer GU to open first store in South Korea

Sorry, but your browser needs Javascript to use this site.
If you're not sure how to activate it, please refer to this site: http://www.enable-javascript.com/

SEOUL â€" Casual clothing retailer G.U. Co. will open its first store in South Korea in September, its fourth shop overseas, following the success of renowned sister brand Uniqlo, which has over 180 outlets in the country.

G.U., a unit of Japan’s leading casual wear chain operator Fast Retailing Co., plans to launch an online app on Aug. 1 to sell low-priced brand products, and an online retail site Sept. 1. Its brick-and-mortar presence will have a floor space of about 1,400 square meters and will open in Seoul on Sept. 14, according to the company.

The G.U. brand is known for its domestically popular ¥990 ($8.90) jeans, and has achieved a sharp g rowth in sales since its launch in 2006. It has already entered China, Hong Kong and Taiwan.

Men’s, women’s and kids’ clothing will be available at the planned outlet, which is to be located in Lotte World Mall in the Jamsil neighborhood of Seoul.

Last week G.U.’s CEO Yunoki Osamu said at a news conference that “South Korea is very fashion-conscious, and entering the country is an inevitable step for us.” He declined to comment on the firm’s sales targets or store network expansion plans.

FRL Korea Co., a joint venture between Fast Retailing and local retail outlet operator Lotte Shopping Co., will run the G.U. shop.

The local arm is 51 percent owned by Fast Retailing, and since 2005 has increased the number of Uniqlo brand shops to 186 at the end of May this year.

It posted an operating profit of 176.5 billion won ($156 million) in the year to August 2017, up 64.5 percent from the previous year, on sales of 1.24 trillion won, up 4.7 perce nt, according to its financial statements.


Toyota Motor Corp. plans to use e-Palette autonomous electric vehicles to transport athletes during the Tokyo Olympics in summer 2020.
Toyota to showcase advanced autonomous electric cars at 2020 Tokyo Olympics
Toyota Motor Corp. said Monday its e-Palette autonomous electric vehicles will transport athletes at the 2020 Tokyo Olympics and Paralympics. The boxy battery-powered vehicle with no dri...
FCA Fiat Chrysler Automobiles Chief Executive Officer Sergio Marchionne speaks during a press conference after the FCA Capital Markets Day in Balocco, Italy, June 1. The boss of Fiat Chrysler (FCA) and Ferrari, the Italian-Canadian Sergio Marchionne, whose illness precipitated its de   parture, is a tough man who has straightened the Fiat group in 14 years to make it an international mastodon.
Ailing auto CEO Sergio Marchionne steps down, leaving a record of turnarounds and bold plays to b...
As one of the automotive world's most charismatic chief executives, Sergio Marchionne's achievements include restoring both Italian carmaker Fiat and U.S. No. 3 Chrysler to health before topping...
Image Not Available
Dollar tumbles below ¥111 in Tokyo
The dollar plunged below ¥111 in Tokyo trading Monday, with market players vigilant over remarks by U.S. President Donald Trump warning against a stronger dollar. At 5 p.m., the dol...

Source: Google News South Korea | Netizen 24 South Korea

« Prev Post
Next Post »