Uniqlo sales plunge in South Korea
Massive discount offers have failed to stem a plunge in Uniqlo sales in South Korea, where the Japanese fashion retailer has been targeted by the boycott movement.
Rep. Park Kwang-on reported based on a compilation of data collected from eight credit card companies in South Korea that Uniqlo sales last month amounted to 9.1 billion won (US$7.8 million), a mere 33 per cent of the sales achieved during the same month last year.
Uniqlo managed to generate only 8.1 billion won (US$7 million) in sales during the massive discount period held between October 1 and 14, which was 39 per cent of sales recorded in the same period last year.
Uniqlo, celebrating the fall and winter seasons, has renovated stores, and began a marketing offensive driven by Furis, Heattech, and other signature brands.
Since October 3, Uniqlo held a 15th anniversary ‘thank you’ event both online and offline, offering discounts of as much as 50 per cent for many of its signature products.
Reports of several products being sold out online, and offline stores crowded by customers seemed to suggest that the boycott movement was in decline.
Park argued, however, that the boycott movement is still strong.
Topten, a local fashion brand run by Shinsung Tongsang Co that is seen by many as an alternative to Uniqlo, saw sales last month rise 61 per cent year on year.
“Despite the discount events, Uniqlo sales are far from recovery,” said Park.
- Original reporting by H M Kang of Korea Bizwire.