Uniqlo and Muji expect record profits as pandemic boosts Asia online sales

Uniqlo and Muji expect record profits as pandemic boosts Asia online sales

Uniqlo and Muji, two of Japan’s biggest casual clothing brands, are expecting record profits for the year ahead, bucking a downturn in the global retail industry with a pandemic-driven boom in online sales across Asia. 

Fast Retailing and Ryohin Keikaku, the owners of the two brands, have been hit hard by the global shutdown in stores that has led to a spate of retail bankruptcies particularly in the US.

But the two groups are also recovering faster than global peers from the coronavirus crisis as stay-at-home consumers in Asia have turned to their affordable everyday, casual clothes. 

The key driver of the revival has been China where retail sales returned to growth for the first time in August since the outbreak of coronavirus.