Uniqlo Business analysis

Thet Thet Soe 22562312 Fashion Business Fundamentals Fashion Business and Management Word count: 3008

Contents 1.0 Introduction

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2.0 OverReview

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1. Business Model Canvas 2. SWOT 3. Leadership Principles and Practises 3.0 Strategic direction and performance 1. Link to Their Mission and Values 2. Porters' Generic Strategy Model 3. Macro-factors 4. KPI's

4.0 Corporate Structure and Operating Functions

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1. Type of Structure 2. Key Department 3. Internal relationships 4. Links to Strategic goals 5.0 Research and Development

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1. Technology research and development 6.0 Conclusion

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7.0 References

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1.0 Introduction This report aims to investigate how Uniqlo, the global Japanese retailer drives its market expansion towards its success in the global market. As part of its mission to provide people joy, happiness, and satisfaction, it focuses on consumers' needs and wants while creating new items or developing existing ones (Mirza et al, 2020). Covid situations and consumer demand encourage Uniqlo to create Lifewear, which is the main strategic product of the brand. As it receive consumer loyalty and recognition, Uniqlo has become one of the globally recognised brands by possessing a clear market positioning.

Moreover, the paper will examine its leadership styles, strategic market expansion and strategies used to gain a competitive advantage. SWOT analysis will determine the company's internal core strengths, and weaknesses, as well as external opportunities and threats. Identifying the external impacts, its financial record, and the current business situation will be examined. As improving the world through sustainability is one of its core goals, its primary function is researching new materials and developing products, as will be detailed in this report.

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2.0 Overview

The term UNIQLO is derived from the words "unique" and "clothing", therefore, it focuses on its production of unique high-quality, innovative, affordable products through the

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Others 497 Japan 809

Figure 2: Sales of the worldwide retailers in 2021 (Source: Statista, 2021:online)

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Taiwan 69 Korea 122

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As COVID-19 changed people's lifestyles, it boosted e-commerce sales growth, which now accounts for around 18% of overall sales, meanwhile physical retail store sales dropped. Uniqlo cooperated with the Ariake project to develop its primary business, ecommerce, and direct customer delivery. To enhance the shopping experience of consumers, "click and collect" services are available to pick up online deliveries from local stores (Fast retailing, 2020).

According to GlobalData (2022), 56.3% of consumers are male and mostly middle-aged, with 47.2% of its shoppers aged 35-54 years due to the lack of substantially trend-driven and either easy or convenient options.

Moreover, Uniqlo’s value proposition is “comfortable shopping, low price, high quality and function” (Haung et al, 2014) which means producing high-quality goods at low prices and mass volume; therefore, it is considered as the value market retailer.

Es pr it

N EX T

Ea gl e

O ut fit te rs Ra lp Ab h La er ur cr en om bi e & Fi tc h

steady consciousness of constant change, diversity and challenge. It's simple, essential Lifewear (Uniqlo, 2022).

Am er ic an

China 897

PV H

0 G AP

Uniqlo was founded in Yamaguchi, Japan in 1949 and its first stores opened in June 1984 with the SPA business model in charge of managing all aspects of product planning, production, distribution, and marketing (Uniqlo, 2022). It currently operates 2394 stores in 25 countries and regions. However, it has mostly focused on the local market (Japan), as shown in Figure 1, with 809 stores in Japan, accounting for almost onethird of its total retail stores. Therefore, Uniqlo's main growth drivers have been its expansion outside of Japan into Southeast Asia and Greater China (Mainland China, Taiwan and Hong Kong) (Fast retailing, 2020).

Figure 1: Number of Uniqlo's outlets (Source: Fast Retailing, 2022:online)

In H di en te ne x s& (Z ar M a) au Fa rit z st (H Re & ta M ili ) ng (U ni ql o)

Uniqlo is a global casualwear and functional clothing retailer and manufacturer owned by Fast Retailing whose chairman is Tadashi Yanai. It sees itself as a “Technology company”. It is a public limited company which manages eight global fashion brands, including Uniqlo, GU, and Theory, with a brand value of around 45.96 million pounds (Fashion United, 2022).

Therefore, its mass-market positioning attracts a majority of consumers from the middle class (GlobalData, 2022). According to Statista (2022), Uniqlo’s main competitors in the market are Inditex (Zara), Hennes & Mauritz (H&M) and GAP and as shown in the figure, it is in third place with a sales rate of $ 18.45 million (Approximately 15.31 million pounds) in 2021.

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2.1 Business Model Canvas Key Activities

Key Partners Family company (Fast retailing) World's best fabric technology innovators Kaihara Corporation Toray industry Ariake project Designers

Customer relationship

Value Proposition

R&D on natural & synthetic textiles and materials Product development Choice of factory sources and production

Provide high quality, innovative clothing with affordable prices Lifewear clothing

Key Resources

Create innovative new fibres and materials Production Promotional campaigns

E-commerce Retail store services Customer centers Self-checkout machines StyleHint application

Women Men Kids Baby

Channels

Inventory Technology Partner factories Takumi (skilled craftsmen)

Cost Structure (Money Out)

Customer Segments

Physical retail stores E-commerce

%

Revenue Streams (Money In) Product sales (Sale volume)

(Resource: Fast Retailing, 2022: online)

$

04 Weakness

Strength International apparel company with significant profitability and revenue growth (Weston, 2022) Offer technological and innovative clothing at a reasonable price (Fast retailing, 2020)

2.2

Limited availability of retail stores in some regional areas (Fast retailing, 2022) Low local experiences and brand recognition in the US (Chitrakorn, 2021) Poor working conditions (Reuters, 2015)

S W Opportunities Enhance international presence. E.g., Finland (Anh and Chi, 2021) Emphasize on marketing to increase brand awareness (Chitrakorn, 2021)

O T

Threats Sourcing country's crisis (Reuters, 2022) Inflation (Mira, 2022)

The strengths, weaknesses, opportunities, and threats of Uniqlo will be analysed in this report using the SWOT model. It will assist in making strategic decisions, identifying the strengths to counteract weaknesses, preparing for threats and gaining competitive advantages in the opportunities (Varley, 2018).

05 Strength

Weakness

Uniqlo is a well-known global brand with a significant annual profit and revenue increase rate. According to Weston (2022), Uniqlo's operating profit increased by 42.4% annually to £970 million in 2022, while its worldwide sales rate went up by 20.3% per year to £7.2 billion. Furthermore, its unique tech-focused apparel, such as HeatTech, AIRism, and Lifewear with affordable prices creates a competitive advantage. Heattech innerwear keeps individuals warm in cold weather, and AIRism keeps them cool in hot heat (Uniqlo, 2022). These tech features create competitive advantages and support its mission of delivering high-quality basic clothing.

Uniqlo focuses on localised stores and has only a limited presence in other regions.

According to GlobalData (2022) states that 35% of Uniqlo stores are in Japan, compared to no stores in Africa,15 retail stores in the UK and 43 stores in the US (Fast retailing, 2022), which limits the customer's in-store experiences and brand awareness, thus weaken brand identity compared to Zara. According to Statista (2022), only 29% of Americans are aware of Uniqlo's brand which shows Uniqlo's weakness in producing local specialised products and promotion in international regions. Besides, Uniqlo is criticised that its supplier garment factories forcing employees to work long working hours in unsafe and risky working environments in 2015, therefore, which can damage its brand name and value (Reuters, 2015)

Opportunities

Threat

Uniqlo has numerous potentials to increase its global market presence; therefore, Fast Retailing Group has a goal of opening 3,747 retail shops worldwide by the end of August 2023 (Fast retailing, 2022). According to Anh and Chi (2021), the Finnish market is suitable for a new 2021 collection with the Finnish brand, Marimekko received a good response, brand recognition and sales. To increase its brand awareness, Uniqlo can emphasize marketing and promotion as usage of an alternative strategy (Chitrakorn, 2022).

As Uniqlo outsources from several countries, any sourcing crisis will impact its brand’s production and supply chain. One risk for Uniqlo is coping with its strategic decision to source from Xinjiang (Reuters) and refuse to suspend retail stores in Russia (AFP, 2022) while competitors do not, which might lead to human rights criticism that harms the brand's reputation. The Ukraine-Russia war, covid 19 led to the global economic crisis and disturbed supply chains and logistics. It not only makes consumers focus on saving and necessary survival spending but also leads to a price increase of 5% per each item for Uniqlo (Mira, 2022).

2.3 Leadership Principles and Practises L

eadership style is crucial in representing the brand's values and culture. It can assist the organisation to be more dynamic and beneficial in responding to competitors and striking its goals by directing its employees (Varley, 2018). Uniqlo uses an authoritarian leadership style which establishes clear objectives and expectations for when and how things should be completed.

Moreover, Uniqlo does not have franchises, so all retail outlets are owned by the firm and therefore have to obey the decision from its head-quarter. Tadashi Yanai, the Chairman, takes direct decisions; however, designers are free to produce whatever they want, and store managers can decorate whatever they desire (Mirza et al, 2020). Uniqlo encourages employee involvement to win back the hearts and minds of young people who are bursting with ambition (Fast retailing, 2020) in order to fulfil its values of supporting employees’ personal growth.

Employee motivation is the driving force that pushes individuals to attain their goals and perform more efficiently. Uniqlo employs recognition rewards to motivate their employees based on requirements or job accomplishments. Moreover, it offers not only equitable and fair skill development training (Mirza et al, 2020) but also foreign working opportunities for staff in order to achieve their goals. It also allows their local managers to participate in solving problems (Fast retailing, 2020). Finally, sharing goals with staff and fostering teamwork provides them with a clear direction and drive (Mirza et al, 2020).

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3.0 Strategic direction and performance Mission to create innovative and high-quality clothes that consumers would be satisfied and happy with every time they wear them, to improve people's lives through its unique corporate activities, and to grow the business with society.

Fast Retailing, 2022

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3.1 Link to their Missions and Values As its strategic approach to the market, Uniqlo is focusing on market expansion and e-commerce growth in order to provide the world with their best quality clothing.

Therefore, it is strengthening its brands in Greater China, South Korea, and Southeast Asia while opening new stores in North America and Europe in order to become the number 1 fashion retailer with the highest customers' support. The flagship Uniqlo store in Beijing opened in November 2021, with a 2400-meter square shop floor that incorporates sustainability section activities and a goal to construct 100 new shops annually in China as part of the company's expansion into the Asia market.

Uniqlo invests in bolstering its digital marketing and e-commerce platform in response to the temporary closure of stores at Covid, and it anticipates that ecommerce will account for 30% of total revenue in the future. While Uniqlo launched its first store on Regent Street in London during the preceding two years (Fish, 2022), e-commerce growth in Europe was approximately 200% at that time (Fast retailing, 2022).

Uniqlo strengthened its New York headquarters to cooperate with its Tokyo headquarters to establish a new power hub for Fast Retailing's worldwide strategy. The New York headquarters is involved in some production functions from market research and development to merchandising and marketing, moreover, creates advanced IT technology and distribution networks in the collaboration with (Fast retailing, 2022).

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3.2 Porters' Generic Strategy Model Uniqlo uses cost leadership and differentiation methods to gain competitive advantages by creating customer-orientated products.

Cost Leadership

Differentiation

Uniqlo’s product pricing offer is lower than other competitors' products, with their superior quality.

28% of Uniqlo items are less than £8.3 while Zara's price range is between £16.6 and £33.2 (Edited, 2022), therefore catering to all demographics and a diverse variety of customers. (Turk, 2018).

Uniqlo mainly used a differentiation strategy as their tech products like Heattech, and AIRism is completely different from the offerings of competitors such as H&M and Zara. Apparently, Uniqlo focuses on Lifewear by offering simple and essential everyday wear in partnership with the Toray Technology company and making it comfortable and simplistic for individuals to choose their style. Furthermore, consumers value and support its durability and excellent quality, as result of covid has changed people's mindsets toward supporting sustainable clothing. Uniqlo AIRism's face mask with a highly innovative function that gives gentle texture to the face received people's loyalty and gratitude during the covid period (Fast retailing, 2020).

Uniqlo

Zara

Dry colour crew T-shirt £7.9

Basic heavy weight T-shirt £15.99

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3.3 Macro-factors

Fast retailing, the parent company, begins to reduce macro-impacts on the brand and to establish a sustainable society through a manufacturing environment that adheres to human rights.

Political impact As a global retailer, the tax rate within the country affects their profits, investment rate and market growth. The stability of the currency is also an important factor to attract international investors (Mirza et al, 2020).

Environmental impact To reduce environmental impact, Uniqlo committed to reducing its carbon dioxide emissions by 2050 by controlling its supply chain, eradicating harmful chemical usage and preventing water consumption and energy. It launched Re. Uniqlo in order to recycle, reuse and reduce waste, moreover, produce Lifewear clothing with durability and circular production (Fast retailing, 2020).

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3.4 KPI'S 50 GU 10.7%

Global brands 5.4%

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Uniqlo Japan 35.3%

30 20 10

Figure 4: Revenue of Fast retailing (Source: Fast retailing, 2022: online)

£14.5 BILLION IN 2022

Figure 3: Financial information of Fast retailing for 5 years (Source: Fast retailing, 2022: online)

Br an ds

G lo ba l

U ni ql o

Uniqlo International 48.7%

G U

In te rn at io na l U ni ql o Ja pa n

0

Figure 5: Market share of Fast retailing (Source: Statista, 2022: online)

£1.87 BILLION IN 2022

+7.9%

+19.4%

Revenue

Operating profit

According to financial statistics from Fast Retailing, its revenue and profit grew in the years preceding the covid epidemic, which resulted in a major fall in sales and profit. However, as a result of increasing the Lifewear concept and demand, it achieves another record performance in terms of sales (£14.5 billion in 2022, up 7.9% year on year) and profit (£1.87 billion in 2022, increasing 19.4% year on year). While Uniqlo International increased revenue and profit, particularly in Europe and the United States, as a result of new consumer visits, the domestic market declined roughly 3.3% because of a failure to stock enough in-demand winter items for customers. Despite rising shipping and raw material costs, the method of discounting items contributes to a 2.5-point improvement in local gross profit. In response to inflation, Uniqlo focuses on low-cost production, accelerates sustainable strategies, and promotes globalisation in order to satisfy customers (Fast retailing, 2022) (Singh, 2022).

4.0 Corporate Structure and Operating Functions

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Uniqlo is wholly owned by Fast retailing (Mirza, 2022).

Fast Retailing (2022) states that its aim is “to become a global No.1 brand based on our corporate statement: Changing clothes. Changing conventional wisdom.

Change the world”. Therefore, fast retailing operates an excellent corporate governance structure called "a company with a board of Statutory Auditors” as shown in figure 4 to achieve its goals of fulfilling customers’ desires, stakeholders, partners and shareholders. The majority of directors are external to increase the Board's independence and surveillance power. The corporate office system manages decision-making and functions to speed up management decisions and business implementation. Furthermore, numerous committees aid in successful discussion and decision-making, such as human resources, sustainability, disclosure, IT investment, code of conduct, corporate ethics, risk management, nomination and remuneration advice, and human rights (Fast retailing, 2022).

Figure 6: Corporate Governance at Fast retailing (Source: Fast Retailing, 2022: Online)

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4.1 Type of Structure According to the figure, the internal structure of Uniqlo is functional as it is divided into different apartments and works through collaboration with other companies. The employees have their specific skills and job description according to their functions. Moreover, its business structure is Flat as the chairman Tadashi Yanai directly leads the teams and different departments (Fast retailing, 2022). There are limited layers of managers and assistant managers in order to make the brand’s process efficient. Moreover, it gives a chance for all staff and managers to get involved in the discussion and take their feedback, thoughts and concerns to solve the problems.

Figure 7: Organisation Structure (Source: Fast Retailing, 2022: Online)

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4.2 Key Department Among the various departments and processes, Uniqlo’s key department is product development because quality is the main core of the brand. In order to get its top-quality standards materials at low prices, they negotiate with worldwide manufacturers directly as raw materials are the main.

Through in-depth research and experimentation, the brand improves its innovative functionality, quality, texture, and feel of the clothes. It works with Kaihara corporation to source spinning and dyeing specifications and partners with Toray industries to provide new technology fibres and materials like Heattech (Fast retailing, 2020). For Uniqlo U, one of the Lifewear essentials, products with new art and clothing design are created by modern technology experts from the Jean Innovation Center in Los Angeles (Uniqlo, 2022).

4.3 Internal Relationship To operate as a healthy business, fast retailing emphasises legal and social compliance. It encourages employees to comply with the code of conduct.

Moreover, the interaction between many departments and employees is essential for the development, production, and sales processes. Designers and pattern makers engage with teams from marketing, merchandising, and material development for samples during the research and development phase. In the same way, merchandisers collaborated to develop a strategic product.

Moreover, Uniqlo must concentrate on developing a strong relationship with its suppliers as it outsources to foreign nations, primarily China (Fast Retailing, 2020).

4.4 Links to Strategic goals 1. Adopting sustainable practices 2. Creating innovative products 3. A good relationship with suppliers can help to get good economies of scale

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5.0 Research and development Uniqlo's research and development department investigate the latest fashion trends as well as innovative fabrics or materials that customers want. Its department's major task is to identify new customer demands. Moreover, Pattern cutters and designers make designs and tweak samples before launching the product to get the appropriate design with the right colour and silhouette (Fast Retailing, 2020).

LifeWear Concept The LifeWear concept is a Uniqlo strategic product. Its strategy begins with the consumer's demands and needs, therefore, the specifics of the core of product design were designated by reflecting customer opinions (Fast Retailing, 2020). As a result of covid 19, customers' fashion preferences are evolving to more casual attire.

Additionally, that crisis contributes to greater digitalization and sustainability (McKinsey, 2022). Therefore, through research and situation, LifeWear is created as everyday wear which can offer comfort, sustainability, durability and high quality, moreover, it is produced from the customers' unwanted clothing through the recycling process. Therefore, Uniqlo states that “LifeWear = Sustainability” as it does not waste precious resources and utilises recycling processes. As a result, it touched consumers’ hearts and satisfied their ever-changing needs, moreover, it contributes to a sustainable society by providing this clothing (Fast Retailing, 2020) (Wightman-Stone, 2021).

Therefore, Uniqlo’s branding, and products have increased over the past decade as its international network has expanded and becomes a global brand. The key to its success is because of the LifeWear concept. Its fundamental goal is to "become the infrastructure that supports society" (Fast Retailing, 2020). As it is supporting society, Uniqlo focuses on the customers’ opinions and information which is used in product development. To gather accurate data, Uniqlo uses Ariake Project tools, therefore, it becomes a “digital consumer retailing company.”

Figure 8 :LifeWear Concept (Source: Fast Retailing, 2022: online)

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5.1 Technology Research and development Recycling Uniqlo is collecting customer-down goods to extract materials by utilising the new Toray Company technology, which is called down recycling (Fast Retailing, 2020).

It developed a new washing process to consume less water and produce high-quality designed jeans.

“Blue Cycle Jean” is researched and developed in our Los-Angeles based Jeans with modern technology.

As shown in Figure, these 2 technologies reduce water consumption by 99% in the finishing process (Fast Retailing, 2020).

Uniqlo investigated DRY-EX material, which removes sweating and moisture from the skin and dries to remain cool. It is made from repurposed PET bottles and recycled polyester. Men's Fluffy Yarn Fleece FullZip Jackets and Fluffy Yarn Fleece Pullover are launched for the 2020 Fall/Winter season, with 30% recycled polyester fibres (Fast Retailing, 2020).

These studies have the ability to improve product quality and customer recognition. It will help with branding because these investigations support sustainability.

Figure 9: Eco- stone method (Resource: Fast Retailing, 2022: online)

Figure 10: Ozone gas & Nanobubble Wash method (Resource: Fast Retailing, 2022: online)

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6.0 Conclusion During the Covid situation, the physical stores temporarily closed that impacted negatively on the performance of Uniqlo, however, Uniqlo focuses on its e-commerce sales. Therefore, with both physical stores and e-commerce expansion, Uniqlo has become the number-one retailer brand in Southeast Asia. However, Uniqlo continues to open strategic stores in other countries, particularly in Europe, where UNIQLO's merino wool sweaters are extremely popular among individuals with fashion tastes. Its strategic product, Lifewear, receives people’s gratitude and appreciation, which has a huge benefit for the brand. This will help to grow sales as its unique character and features can give customer loyalty. In the long term, it will significantly grow and become one of the largest global brands, however, it has to focus on promotion to boost its brand awareness. Moreover, Uniqlo brand should be careful of its stock availability in order to fulfil the customer's demand during the discount period or high-peak sale period.

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