A Uniqlo store at Lotte World Mall in Jamsil, Seoul / Courtesy of Uniqlo
By Ko Dong-hwan
Once-boycotted Japanese fashion brands are experiencing a rebound in sales in Korea.
According to the Financial Supervisory Service on Monday, Uniqlo reported sales exceeding 1 trillion won ($700 million) in fiscal year 2024, spanning September 2023 to August 2024, while Muji's sales hit a record high during the same period after turning black last year.
Uniqlo’s Korean operator FRL Korea, a consortium between Lotte Shopping and Uniqlo’s Japanese parent company Fast Retailing, registered sales of 1.06 trillion won, a 15 percent year-on-year increase, marking the first time in three years that the company has achieved this milestone. Additionally, its operating profit grew by 5.4 percent.
In the wake of Korea's nationwide boycott of Japanese products, sparked by Tokyo's export restrictions on Korea in 2019, its sales plunged to 500 billion won in 2021.
Uniqlo has been expanding its presence in the capital this year, opening additional stores, including its largest one in Jamsil, southern Seoul, in September. Following that, 10 more stores have opened in locations such as Dongdaemun and Sangbong in northeastern Seoul. As of this month, the company operates 132 stores across Korea.
Muji reported sales of 180.5 billion won, up 20 percent from the previous year. Earnings for the same period reached 7.5 billion won, a 316 percent surge. The strong performance comes after the company suffered losses between 2019 and 2021.
Muji, currently operates 40 stores nationwide and plans to expand that number to 150 by 2030.
English (United States) ·