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Uniqlo Set To Partner Arvind Ltd In India JV-The Economic Times


Wednesday, 16 Jan 2013 02:09am EST 

The Economic Times reported that the Japanese fashion retailer Uniqlo is set to partner Arvind Ltd to build a $1-billion business in India by the end of the current decade. Uniqlo's parent Fast Retailing Co, which rivals Zara, H&M, and Gap, is finalizing an equity joint venture with Sanjay Lalbhai-led Arvind to open doors in a key growth market, said people familiar with the matter. A definite deal could be struck in the second quarter of 2013, making it the global retailer after Sweden's IKEA to firm up India plans following the liberalized FDI regulations in local retailing. Arvind and Uniqlo teams have jointly visited the marketplace and blocked possible locations for the initial stores, said sources mentioned earlier. Uniqlo appears to have tilted towards Arvind after evaluating other potential partners, including Sunil Mittal's Bharti Enterprises, Aditya Birla's Madura Fashion & Lifestyle, and Reliance Brands. The Uniqlo JV could fire up Arvind's profile in retailing where Lalbhai wants to chalk up $2 billion revenue by 2020. The details of the proposed JV including the investment details could not be ascertained at the moment. 

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