优衣库中国需要更加“本土化”

Core Viewpoint - Fast Retailing, the parent company of Uniqlo, reported strong performance for the fiscal year 2025, with a revenue increase of 10% and an operating profit increase of 13%, driven by robust overseas growth, particularly in North America and Europe. However, the Greater China market showed a decline, indicating challenges in maintaining competitive advantages in that region [1][3][4]. Financial Performance - For fiscal year 2025, Fast Retailing's revenue was approximately 3.4 trillion yen, a year-on-year increase of nearly 10%. Operating profit rose by about 13% to 564.27 billion yen, marking a historical high for four consecutive years [3]. - In the Japanese domestic market, revenue reached 1.026 trillion yen, up 10.1% year-on-year, while overseas revenue grew by 11.6% to 1.91 trillion yen, with North America seeing revenue growth exceeding 24% [3][4]. Market Challenges - The Greater China market experienced a revenue decline of 4% and a core profit drop of 10% in fiscal year 2025. This decline is attributed to increased competition and the emergence of local alternatives that offer better price-performance ratios [6][7]. - Analysts noted that the unique characteristics of the Chinese market, including intense price competition and the rise of local fast-fashion brands, have made it difficult for international brands like Uniqlo to maintain their competitive edge [7][8]. Strategic Adjustments - Fast Retailing plans to implement refined operational strategies in the Greater China market, focusing on product innovation, store upgrades, and marketing optimization to restore growth momentum [10][12]. - The company aims to enhance its product offerings by incorporating local consumer preferences, such as functional and stylish designs tailored for the Chinese market [11][12]. Future Outlook - Fast Retailing anticipates a net profit of 435 billion yen for fiscal year 2026, exceeding market expectations, and expects net sales to reach 3.75 trillion yen, also above market forecasts [4][10]. - The company recognizes the need to adapt its brand positioning and operational strategies to address the challenges in the Greater China market while leveraging its global brand strength [10][11].