Grameen UNIQLO, a social business wing of Fast Retailing Co Ltd in Bangladesh, is about to close all 10 of its stores in Bangladesh by June 18, 2023.
The company in a statement on Wednesday made the announcement, available on its website.
In 2010, Fast Retailing Co. Ltd. started the social business together with the Grameen Bank Group with the aim of responding to social issues such as poverty, health, and education in Bangladesh through a clothing business.
In 2008, the company opened a production office which contributes to the development of the local textiles industry. while its partner factories in Bangladesh continue to produce Fast Retailing products, including UNIQLO items.
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The parent company – Fast Retailing – in the statement stated, “In view of Bangladesh’s significant economic development in recent years, as well as changes to its business environment, Fast Retailing has determined that Grameen UNIQLO has fulfilled a certain role, and has decided to conclude its business activities.”
Since 2013, Grameen UNIQLO has opened stores mainly in the capital Dhaka and conducted business with the aim of improving the lives of people of Bangladesh by providing clothing to meet the needs of local daily life and by creating opportunities for employment in a safe environment, the statement also added.
Ensuring Bangladesh as one of its ‘most important’ manufacturing locations, Fast Retailing also stated that the company remains committed to Bangladesh. The parent company also said it would continue working to improve the lives of people in Bangladesh.
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