Japanese apparel brand Uniqlo is nearing its entry into the Indian market.

Uniqlo parent Fast Retailing is reported to have finalised a joint venture agreement with Indian company Arvind to develop its business in India. Teams from both companies have spotted visiting the marketplace for possible locations.

The deal is expected to be completed in the second quarter of this year.

The partnership will further increase Arvind’s profile, which is also in partnerships with apparel companies including Tommy Hilfiger, Philip Van Heusen and VF Corporation. Adding Uniqlo to its portfolio will help Arvind achieve its target to generate $2 billion revenue by 2020.

Both companies declined to comment.

GB