Uniqlo parent Fast Retailing has applied to open stores in India.

The Japanese fast-fashion giant has filed an application with India’s Department of Industrial Policy & Promotion to do business in the country under the Uniqlo brand.

“India is a market with great potential,” says Fast Retailing spokeswoman Pei-Chi Tung. The company has long been interested in entering India, but has been beaten by H&M and Zara which are already established in the apparel market Euromonitor International has predicted will grow 29 per cent to INR3.76 trillion (US$58 billion) by 2021.

Zara owner Inditex opened a flagship in Mumbai in May, which CEO Pablo Isla says has had a strong reception. It has just started online sales as well in India.

Fast Retailing last month reported its biggest jump in annual earnings in more than a decade, driven by a near doubling of operating profit at Uniqlo stores outside of Japan. Operating profit for the brand in China jumped 37 per cent for the year ended August 31, compared with a 6.4 per cent slump in Japan.

Source Inside Retail Asia