Last Updated: 2010.07.13
FAST RETAILING CO., LTD. to Establish Joint Venture with GRAMEEN Bank Group
FAST RETAILING CO., LTD.
to Japanese
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 (subsidiary to be established in September 2010). Details of the joint venture are outlined below.
1. Objective of joint venture
To help solve social problems, including poverty, sanitation and education issues, in Bangladesh through the planning, production and sale of clothing.
2. Overview of venture
| Business name ： | GRAMEEN UNIQLO, Ltd. (temporary name) |
| Location ： | Dhaka, the People's Republic of Bangladesh |
| Board members ： | Yukihiro Nitta, Managing Director (FAST RETAILING CO., LTD. CSR Director) |
| Yuji Kaneko, Chairman (UNIQLO CO., LTD. Bangladesh Office General Manager) | |
| Tadashi Yanai, Director (FAST RETAILING CO., LTD. Chairman, President and CEO) | |
| Mitsuhiro Tsujimoto, Director (UNIQLO CO., LTD. Production Bangladesh Office Manager) | |
| A director will also be designated by GRAMEEN Health Care Trust | |
| Primary business ： | Clothing production management and retail in Bangladesh |
| Paid-in capital ： | 100,000 USD (approximately 9 million JPY) |
| Investment partners and contributions ： | UNIQLO Social Business Bangladesh, Ltd. (a subsidiary of FAST RETAILING CO., LTD.) 99％ |
| Grameen Healthcare Trust 1％ |
3. Aims of the joint venture
Bangladesh is expected to experience economic growth, with much of it driven by the textile industry, but it's people still face an abundance of social problems, including poverty, sanitation and education. Utilizing our unique SPA (Specialty store retailer of Private label Apparel) know-how, we will plan, produce and sell clothing at a price point that is affordable to people living below the poverty line while still maintaining product quality. This joint venture will also create jobs, thereby improving the lives of the Bangladeshi people.
On the retail front, we will use the GRAMEEN Bank Group's borrower network of 8 million people to help those living in poverty to develop job skills and provide them with opportunities to sell clothes door-to-door. In the first year, we plan to generate work for 250 people and to increase this figure to 1,500 within three years.
