[THE INVESTOR] Muji Korea CEO Narukawa Takuya announced on Feb.27 that the company will expand its presence in Korea by opening 15 to 20 more outlets by 2020.
“We will open Muji stores not only in Seoul but also other cities where more than 1 million people reside,” Takuya said in a statement. Muji Korea currently operates 28 stores in Korea, including its new five-story flagship store in Sichon that opened on Feb. 27.
Takuya declined to disclose a specific sales target, but said Muji Korea aims to exceed sales of Japan-based fast fashion brand Uniqlo, which posted 1.24 trillion won (US$1.14 billion won) in sales last year.
Muji, operated by Ryohin Keikaku, is a Japanese retailer famous for selling simple yet high-quality products. Ryohin Keikaku entered Korea in 2004 by establishing a 60:40 joint venture with Lotte International.
Muji Korea CEO also added that the company is considering establishing a manufacturing plant in Korea to cut down prices. Muji Korea products are more expensive than in Japan due to taxes.
Sales of the Korean unit in 2017 reached around 110 billion won, according to company data.
By Song Seung-hyun (email@example.com)