国际服饰品牌镜鉴系列行业专题：优衣库——逆势增长典范，从东亚走向全球

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - Uniqlo exemplifies reverse growth, transitioning from East Asia to a global brand, achieving a revenue of 3 trillion JPY in FY2024 and targeting 5 trillion JPY in the medium term [2][3]. - The company has successfully integrated a SPA (Specialty Retailer of Private Label Apparel) model, allowing for rapid market response and efficient supply chain management [22][39]. - Uniqlo's overseas revenue has surpassed domestic revenue, with significant contributions from the Greater China region, Southeast Asia, and North America [22][44]. Summary by Sections Company Overview - Fast Retailing, the parent company of Uniqlo, has seen steady revenue and profit growth over the past four years, with FY2024 revenue reaching 3.1 trillion JPY [22][28]. - Uniqlo's revenue for FY2024 is projected at 2.6 trillion JPY, accounting for 85% of the group's total revenue [22][23]. Domestic Development History - Uniqlo capitalized on Japan's economic downturn post-1990 by offering high-quality, cost-effective products, such as fleece jackets priced at 1,900 JPY, leading to rapid growth [2][39]. - The company established a SPA model in 1987, integrating product planning, manufacturing, and retail to enhance operational efficiency [39][66]. Supply Chain Expansion - Uniqlo has adapted to the textile manufacturing industry's shift by establishing production management offices in China and expanding to other Asian countries [3][43]. - The "Takumi" program was implemented to ensure product quality by sending experienced Japanese technicians to oversee production in overseas factories [118][240]. Global Brand Strategy - Uniqlo has tailored its approach to different markets, focusing on middle to upper-income consumers in China and leveraging e-commerce in the U.S. and Europe [44][156]. - The company has successfully navigated challenges in the European and North American markets, achieving profitability after years of strategic adjustments [156][191]. Lessons Learned - Uniqlo's experience highlights the importance of brand positioning, product quality, and market responsiveness in achieving growth, especially in challenging economic environments [2][231]. - The company emphasizes the need for a balance between pricing and quality to maintain competitiveness in various markets [2][236]. Market Trends - The report notes a growing trend of "alternative" brands offering similar quality at lower prices, which poses a challenge to Uniqlo's market share [248]. - Uniqlo's strategic focus on functional products and local market adaptation has positioned it well for continued growth in emerging markets [212][218].