Dive Brief:
- Fast Retailing Co. Ltd. announced leadership changes for its Uniqlo business, where board director and global CEO Daisuke Tsukagoshi will become the executive director, president and COO of the brand, per a regulatory filing on Monday.
- Tadashi Yanai, founder of Fast Retailing, who also oversees Uniqlo as its executive director, chairman and president, will become CEO of Uniqlo.
- The move is part of what Fast Retailing referred to in the filing as its “strategy to strengthen the management structure,” for its “zen-in keiei” management principle, a Japanese term that broadly translates to “every person participates in decision making.”
Dive Insight:
The company said the changes will take effect on September 1.
Yanai will continue to lead the managerial decision-making and business expansion in his new role, and he will continue to guide the entire group in his role as CEO of Fast Retailing.
Tsukagoshi has been with Fast Retailing and Uniqlo since 2002, holding a variety of positions across regions.
The company’s management framework “will help ensure that all divisions coordinate effectively, and that all employees adopt a managerial mindset,” per the filing.
Uniqlo, a casual wear designer, manufacturer and retailer, found success with a younger generation of shoppers last year thanks to its buzzy cross-body bag. The bag retails for less than $20 and went viral on Tik Tok, earning it a spot on the first Lyst Index of 2023.
That success fueled some of its expansion strategy when it came to brick-and-mortar stores in North America and Europe. The company wants to open between 20 and 30 stores in those regions each year, according to a May report from Business of Fashion. Fast Retailing wants to increase its North American Uniqlo store count to 200 by 2027.
