UNIQLO'S Parent Company'S Fast Retailing Factory Was Set Ablaze In Myanmar

On March 16, UNIQLO's parent company, fast retailing, said two of its factories in Myanmar were set on fire.

It is understood that after the Burmese military detained Aung San Suu Kyi and other leaders of the NLD on February 1, the situation in Myanmar has been turbulent so far, and there have been continuous conflicts between the protestors and the military who support the NLD and oppose the detention. According to Reuters on March 16, the arson occurred on March 14. A representative of FMCG confirmed the case.

"We don't have much information at the moment, and we are still trying to find out more details," a representative of FMCG told Reuters by email In addition, a representative of FMCG confirmed to Reuters by email that the two factories affected are specialized in UNIQLO clothing.

It is understood that UNIQLO entered and expanded rapidly. According to statistics, on August 14, 2020 alone, UNIQLO opened 19 new stores at the same time.

According to the latest financial report of FMCG, by the end of August 2020, the group's overall sales fell by 12.3% to 2 trillion yen, about 127.7 billion yuan, and the gross profit rate dropped to 48.6%. The business fell 42% to 1493 billion yen, about 9.5 billion yuan, and the net value fell 44.4% to 90.3 billion yen, about 5.7 billion yuan.