Uniqlo owner to raise prices on fleece products due to weak yen -Breaking
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© Reuters. FILE PHOTO – Clothes from the collaboration label +J by Uniqlo and Jil Sander are on display at Uniqlo’s Tokyo press room, Japan, November 6, 2020. REUTERS/Ritsuko AndoTOKYO (Reuters), – Uniqlo, the Japanese clothing company that owns Uniqlo, announced Tuesday that they will increase prices for some items this fall. This is due to increasing costs from weak yens and logistical challenges.
According to a spokesperson, the prices of down jackets and fleece products in the fall/winter line will increase by 1000 yen ($7.54). This follows an earlier Jiji News service report. In order to reduce costs, the company has increased its use of recycled Polyester in its fleece products.
Japan is experiencing a surge in consumer prices after years of deflation. The reason for this rise is the drop of the yen to a twenty-year low against USD and the rising cost of energy.
Fast Retailing competes on basic items like socks and underwear over the decades. However, its managers have recently warned that increasing production costs will lead to price increases.
In April, Tadashi Yanai, founder of the company, blasted Japan’s declining currency and said that a weakening yen had “absolutely nothing to merit”.
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