If you've never heard of Uniqlo before, you may soon. The Japanese fashion retailer (think Japanese version of Gap) announced plans yesterday to spend up to $11 billion to acquire a strong U.S. or Europe company to become bigger than Gap or H&M. Chairman and Chief Executive of Fast Retailing Co., Uniqlo's parent company, Tadashi Yanai (pictured here and one of Japan's richest men) told the WSJ that "we could grow organically,, but it would take a long time." The solution therefore is to buy another company! "The bigger the better" he says.
The company won't necessarily bring in the Uniqlo brand. It tried several years ago in the U.S., and all closed down except the outlet in SoHo. Yanai believes Uniqlo should only expand in major urban areas more accepting to foreign brands.
So what kind of U.S.-based clothing retailer can $11 billion buy these days?
Uniqlo Parent Fast Retailing Pursues Global Deals - WSJ.com
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