The company's CFO cited the weakness of the yen that is driving up the cost of raw material and shipping
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The popular Japanese-owned casual-clothing retailer in the city's Union Square area is the company's first store on the U.S. West Coast. Uniqlo will raise prices despite a Japanese reluctance to raise prices. “We have reached a point where we have no choice but to raise prices of some products,” Chief Financial Officer Takeshi Okazaki said at a press conference in Tokyo. He cited the weakness of the yen that is driving up the cost of raw material and shipping.
It all starts with years of stable prices and wages, that has made Japanese retailers nervous about charging more. The main worry is that Uniqlo may lose market share. One must note that the weakening yen is now forcing Japanese companies to raise prices. Japanese companies are facing an inflationary trend similar to what is felt in the United States. Today, January 13, 2022, the New York Times, published the facts that in the United States since 2019, apparel prices rose 8.8%, Furniture and bedding rose 13.8% while food at home rose 6.8% and food away from home rose 6.0% The Times called it inflation that now has hit 7%, the highest since 1982.
During the past holiday season, when ready to wear was one of the key classifications one felt that retailers held back on raising prices, took lower margins and balanced it with fewer price promotions. That probably helped keep the strong sales momentum humming. It is likely that in the first quarter of 2022 many retailers world-wide will have to raise prices.
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