Last Updated: 2011.02.28
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We are starting a new social business
Fast Retailing Co., Ltd. established a new wholly-owned subsidiary in September 2010 in order to launch a social business in the People's Republic of Bangladesh. To help solve social problems, including those related to poverty, sanitation and education issues, in Bangladesh through the planning, production and sale of clothing.
And futhermore Fast Retailing Co., Ltd. and Grameen Healthcare Trust of the GRAMEEN Bank Group, located in the People's Republic of Bangladesh, have agreed to establish a joint venture through a Fast Retailing subsidiary.
The greatest strength of the Group and its businesses is their ability to efficiently produce and sell high-quality clothing at low prices. The social business that FR has initiated will leverage the Group's strengths in these areas by using business to change society for the better and to help improve society by addressing social issues such as poverty and the environment.
About GRAMEEN Bank
Bangladesh's biggest micro credit institution founded by Professor Muhammad Yunus in 1983. Of approximately 8 million borrowers, 97% are female. Number of branches: 2,564 (as of May 2010)
Total loan amount: approx. 700 billion yen. The GRAMEEN Bank and its founder and managing director, Prof. Muhammad Yunus were jointly awarded the Novel Prize in Peace 2006 "for their efforts to create economic and social development from below." (Nobelprize.org)
Overview of business cycle
Business policy
Establish a method so that all product-related processes can be completed within Bangladesh - from raw materials procurement, to production, to logistics and, finally, the sales of these products. - Contribute to improving daily life for those living in poverty, by producing products that can help resolve health and sanitation issues at definitely affordable prices.
- Provide new employment opportunities to the poor in Bangladesh so that they can become independent as entrepreneurs
- All profits from this venture will be reinvested in other social businesses
