优衣库在华跑偏

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 growth in overseas markets, particularly Uniqlo's international business [1][2][3] Financial Performance - For fiscal year 2025, Fast Retailing's revenue reached approximately 3.4 trillion yen, a year-on-year increase of nearly 10%, while operating profit was 564.27 billion yen, up about 13%, marking a historical high for four consecutive years [2] - In the Japanese domestic market, revenue was 1.026 trillion yen, a growth of 10.1%, while overseas revenue grew by 11.6% to 1.91 trillion yen, with North America and Europe showing particularly strong performance, with North America seeing revenue growth exceeding 24% [2] - The company anticipates a net profit of 435 billion yen for fiscal year 2026, surpassing market expectations, and expects net sales of 3.75 trillion yen, also above market forecasts [3] Market Challenges - Despite overall strong performance, the Greater China region experienced a decline, with revenue and profit for Uniqlo and GU decreasing by 4% and core profit down by 10% in fiscal year 2025 [5] - The slowdown in the Greater China market began in fiscal year 2024, with sales revenue of 677.063 billion yen, a growth of only 9.2%, compared to double-digit growth in the previous fiscal year [5] - Analysts attribute the decline in China to increased competition and the rise of local brands offering better price-performance ratios, making it difficult for Uniqlo to maintain its competitive edge [6][7] Strategic Adjustments - Fast Retailing plans to implement refined operational strategies to restore growth in the Greater China market, focusing on product innovation, store upgrades, and marketing optimization [8] - The company aims to enhance its brand positioning and market segmentation to regain momentum, with a strategy of "brand premiumization + high cost-performance" being suggested as the best approach for the Chinese market [8][9] - Uniqlo is adopting a more localized operational strategy, incorporating consumer preferences into product development and optimizing store efficiency by renovating or closing underperforming locations [9]