Dive Brief:

• Uniqlo plans to open more than 20 new locations in the U.S. and Canada in 2024, according to a Monday press release from the company.
• The move is part of the company’s goal to have 200 stores in North America by 2027, per the release. It currently has 53 stores in the U.S. and 19 stores in Canada.
• In its 2023 year-end report, Uniqlo’s Japan-based parent company Fast Retailing said it planned to accelerate growth of its international business by opening “30 stores each in North America and Europe each year.” In addition, the business plans to have 80 new stores in China and approximately 60 new stores in Southeast Asia, India and Australia.

Dive Insight:

Uniqlo made headlines in 2023 by creating the year’s hottest handbag, according to Lyst, which ranks brand buzz. Its half-moon mini shoulder bag, which retails for about $20, repeatedly sold out after going viral with more than 119 million views on TikTok. 

The company also had some leadership changes earlier this year, with Daisuke Tsukagoshi, Fast Retailing’s board director and global CEO, becoming executive director, president and COO of Uniqlo. Tsukagoshi is also CEO of Uniqlo North America. Meanwhile, Tadashi Yanai, founder of Fast Retailing, became CEO of Uniqlo. Tsukagoshi is also CEO of Uniqlo North America.

Now the company is building out its global retail operations. The first group of nine North America stores, opening in spring 2024, will be located in malls in Washington state, Massachusetts, Rhode Island and New York in the U.S., and in Toronto, Calgary and Ottawa in Canada, per the release.

“We couldn't be more excited to enter the next phase of our North American expansion plan and serve more customers in the U.S. and Canada,” Tsukagoshi said in the release. "Stores are the heartbeat of our business, where we can engage with our local communities, hear directly from our customers, and best understand their needs to continue to improve and perfect our products. We're looking forward to a big year ahead."

In its year-end report, Uniqlo North America reported a 43.7% year-on-year revenue increase, and profit increased to 163.9 billion yen or approximately $1.13 billion. Its regional operating profit was 21.1 billion yen, representing a 91.9% year-on-year increase.