Fast Retailing Co's Uniqlo chief meets PM Narendra Modi, could source garments from India

Written by Reuters | Tokyo | Updated: Jun 26 2014, 18:39pm hrs
Fast Retailing Cos Uniqlo, Japan's largest clothing store chain, is looking to source garments from India, Uniqlo's chairman Tadashi Yanai told Prime Minister Narendra Modi, according to a government statement.

Narendra Modi welcomed Uniqlo's interest in developing its business in India and highlighted the benefits the country's garment sector offers, the statement said on Wednesday.

Uniqlo has long been eyeing the Indian market to open its stores and industry officials said it is a likely step in that direction.

A Fast Retailing spokeswoman said the company does not have any comment on the Indian government's statement, which gave no further details.

In 2012, India allowed single-brand retailers like Uniqlo full ownership of their Indian operations, but required them to source 30% of their goods from small and village industries.