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 apparel industry [2] Core Insights - The report highlights Uniqlo as a model of counter-cyclical growth, successfully expanding from East Asia to a global presence, with a revenue target of 5 trillion yen in the medium term [2][48] - The company has achieved a market capitalization of approximately 17 trillion yen, with a current valuation around 40 times earnings [2][48] - Uniqlo's revenue for the fiscal year 2024 is projected to exceed 3 trillion yen, marking its 40th anniversary [2] Summary by Sections Company Development Overview - Fast Retailing, the parent company of Uniqlo, has established a SPA (Specialty Store Retailer of Private Label Apparel) model, controlling the entire process from product planning to retail, allowing for rapid market response [22][37] - Uniqlo's revenue has shown steady growth, with a significant increase in overseas markets, which now contribute 64.7% of total revenue [37][48] Domestic Development History - Uniqlo capitalized on the economic downturn in Japan post-1990 by offering high-quality, cost-effective products, such as fleece jackets priced at one-third of competitors [2][39] - The company has implemented an ABC reform to enhance operational efficiency and has partnered with Toray, a major synthetic fiber manufacturer, to develop functional products [2][39] 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 involves sending skilled Japanese technicians to oversee production quality in overseas factories [3][43] Global Brand Strategy - Uniqlo has tailored its approach to different markets, successfully repositioning itself in China to target middle and upper-income consumers, leading to rapid expansion [3][44] - In the mature and competitive European and American markets, Uniqlo has focused on building brand strength and leveraging e-commerce to achieve profitability [3][44] Experience Summary - The report emphasizes the importance of identifying brand positioning and market opportunities, particularly in challenging economic environments [4] - It suggests that Asian brands must focus on building brand equity and carefully manage costs when entering mature markets [4]