UPDATE 3-Uniqlo owner to hike prices in sign of shift for Japan [Reuters]
FAST RETAILING UNSP/ADR (FRCOY)
NASDAQ:AMEX Investor Relations:
fastretailing.com/eng/ir
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Source: Reuters
Clothes of the collaborative label +J from Uniqlo's new tie-up with German designer Jil Sander, are displayed at the retailer's press room in Tokyo, Japan November 6, 2020. REUTERS/Ritsuko Ando/File Photo TOKYO, Jan 13 (Reuters) - Clothing retailer Uniqlo will have to raise prices of some products due to higher costs for raw materials and shipping, its owner said on Thursday, becoming a high-profile example of Japanese firms throwing off a decades-old deflationary trend. The comments from Fast Retailing (9983.T) , which reported a near 6% rise in quarterly operating profit thanks to a strong showing in overseas markets outside of China, come as more Japanese firms say they can no longer offset soaring costs with belt-tightening. Years of stagnant prices and wages have made Japan Inc nervous about charging more for fear of alienating shoppers and losing market share. But the weakening yen is further driving up costs adding to the inflationary pain following the pandemic. "We have reach
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