Grameen UNIQLO to wind up BD business by mid-June

Grameen UNIQLO, a social business initiative of Fast Retailing Co Ltd, will close all its 10 stores in Bangladesh by the middle of next month and thus end its business in the country.

The company in a statement on Wednesday made the announcement, which is available on its official website.

“Grameen UNIQLO, Fast Retailing Co Ltd’s social business, operating in Bangladesh through its 100 per cent wholly-owned subsidiary UNIQLO Social Business Bangladesh Ltd, will close all ten stores by June 18, and the business will be closed down,” read the statement.

The parent company - Fast Retailing - in the statement said, “In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, Fast Retailing has determined that Grameen UNIQLO has fulfilled a certain role, and has decided to conclude its business activities.”

UNIQLO Social Business BD Ltd that started with approximately US$4.6 million, in a separate notice to customers, also regretted informing the closure announcement.

In 2010, Fast Retailing started the social business together with Grameen Bank Group with an aim to respond to social issues, like poverty, health, and education, in Bangladesh through a clothing business.

All Grameen UNIQLO clothes are planned, designed, produced and sold in Bangladesh. All the profits are reinvested for social business expansion and solving social issues, it claimed.

Since 2013, Grameen UNIQLO has opened stores mainly in the capital Dhaka and conducted business with an aim of improving the lives of people of Bangladesh by providing clothing to meet the needs of local daily life and by creating opportunities for employment in a safe environment, according to the statement.

Terming Bangladesh one of its ‘most important’ manufacturing locations, Fast Retailing said it remains committed to Bangladesh. The parent company also said it would continue working to improve the lives of people in Bangladesh.

In 2008, the company opened a production office, which contributes to development of the local textiles industry, while partner factories in Bangladesh continue to produce Fast Retailing products, including UNIQLO items.

According to Fast Retailing’s core sewing factories list of 2019, some two dozens of local factories produce goods for the company, which runs many global brands such as UNIQLO, Gu, Theory, PLST, J Brand, Helmut LANG and Princess tam tam.

munni_fe@yahoo.com