Fast Retailing CFO: "It's time to review and raise prices on some products as we face higher costs."
Japanese fashion retailer Uniqlo announced that it is preparing to raise the price of its products amid rising prices for raw materials and logistics services. In addition, the company's pricing policy is under pressure from the depreciation of the national currency.
"The time has come to review and raise prices on some products as we face higher costs for materials, logistics, and the weakening of the yen," Fast Retailing CFO Takeshi Okazaki commented.
Bloomberg news agency reported that Uniqlo's head promised price increases would be "extremely limited" without naming specific figures.
Fast Retailing reported an operating income of about $1 billion for the last fiscal quarter. Over the past year, the company has seen a decline in customer traffic and a drop in domestic sales. Forbes writes that the company is projecting a profit of $2.3 billion for the year.
Over the past few months, many major companies have announced impending price increases due to rising raw materials and logistics costs. Many countries are facing record levels of inflation in 2021. According to a report, IKEA plans to revise the prices of its products at the end of 2021.