JAPANESE apparel retailer Fast Retailing Co. Ltd., the owner of Uniqlo clothing chain, is seeing “absolutely” no impact on its business from the economic slowdown in China, its chief executive said Saturday.

    Speaking to reporters in Shanghai, where he is visiting to mark the global launch of a new product line-up in collaboration with Walt Disney Co., Fast Retailing chief executive Tadashi Yanai said China still presented plenty of opportunities.

    “It’s changing from a manufacturing- and export-led economy to that of one lead by consumption. People’s living standards will get better. Income will rise,” he said. “Luxury items may not sell all that well but we sell clothes that are made for all.”

    The Japanese company is expanding rapidly in China as it aims to become the world’s biggest apparel retailer ahead of Zara-owner Inditex SA, Hennes & Mauritz AB (H&M) and Gap Inc. by 2020.

    Yanai has said Uniqlo aims to have 1,000 stores in greater China in about five years — more than its Japan total — and eventually as many as 3,000. It had 442 on the Chinese mainland, Hong Kong and Taiwan as of end-May.

    (SD-Agencies)