MNC 500: How this Japanese fashion retail brand is taking the slow and steady way to grow fast in India

SEVENTEEN STORES IN INDIA do not scream dominance, especially for a fashion retailer. Neither are there loud discounts and a blitzkrieg of festival-led promotions, nor is there an attempt to look desi. But beneath this quiet presence sits Uniqlo. True to the name of its parent group, Fast Retailing Group, the Japanese brand has catapulted into one of the fastest-growing fashion retail businesses within six years of opening its maiden store in India.

Profitable, disciplined, and increasingly confident about its place among the Indian consumers — that’s how Uniqlo defines its India game. At a 60% CAGR, Uniqlo India turned profitable within its first three years — an outcome many global fashion brands struggle to achieve — and has maintained double-digit margins since. It has grown into a business that generates over ₹1,100 crore in annual revenue. In FY25 alone, Uniqlo India grew 44% YoY, with profit after tax more than doubling to ₹179 crore and margins holding at a healthy 15%. Its quality, well-made basic clothes have struck a chord, especially with younger Indian shoppers, fuelling a rapid business expansion.