Fast Retailing, the Japanese retail holding company, has appointed Uniqlo’s CEO. He stated that he would keep Russia’s 50 Uniqlo stores open and that Russia’s citizens should have access to clothing regardless of Putin’s actions. Global news agency Nikkei Asia reported that Uniqlo’s 50 Russian retail stores are owned by Fast Retailing.
CEO Tadashi Yanai said last week that clothing is a necessity for life. “The Russian people have the same rights to life as us.”
Go against the grain
Uniqlo’s Yanai is an exception among large corporations that have Russian footprints. In an attempt to weaken Russia’s attack against Ukraine, have stopped business operations even though it may mean taking a financial loss. Since Putin’s February 23rd invasion of Ukraine, large companies such as Apple, Disney and Ikea have abruptly left the Russian market.
H&M, a competitor to Uniqlo and a Swedish fast-fashion chain, also stated that it would “temporarily suspend all sales in Russia”, in part due to safety concerns for its employees.
“H&M Group is deeply worried about the tragic developments that have occurred in Ukraine, and stands with all those who are suffering,” said the company in a statement.
Uniqlo customers are expressing disapproval at Fast Retailing’s unconventional move. They love the clothing, but are less passionate about its geopolitical stance.
Social media users have been calling for Uniqlo to be boycotted as a result of the company’s decision to continue doing business in Russia. This is as millions flee Ukraine after being forced from their homes by war. Uniqlo is the fourth largest retailer worldwide and has around 1,500 stores.
“It’s time to stop buying Uniqlo. It was really sad to see their decision to remain in Russia,” Titter user Tiia R stated Monday.
On social media, others vented at Uniqlo and accused it of supporting Russian aggression. They pledged to boycott Uniqlo.
A Taiwanese Twitter user stated that “from now on, no Uniqlo products would be purchased until you change your mind upon the invasion of Russia.”
“Never purchase @UNIQLO_JP. They refuse to cease operations in Russia. This is a red flag. Terrible values,” said @alejandro_m_g.
Uniqlo also took steps to show support for the Ukrainian people, who continue to be under constant attack from Russia.
Fast Retailing announced last week that it would donate $10 Million to the United Nations High Commission for Refugees. This organization provides financial assistance to displaced Ukrainians. According to Fast Shopping, the funds will be used to cover shelter costs, psychosocial support, and other services for people who fled.
CBS MoneyWatch reached out to Uniqlo and Fast Retailing for comments.
Fast Retailing stated that it will donate 100,000 Uniqlo clothes, including warm blankets and base layers, to refugees.
