Grameen Uniqlo social business gains ground in Bangladesh
Six years on, the joint venture between Grameen Bank Group and Japan’s Fast Retailing Co. Ltd, which is operator of the UNIQLO brand, continues to steadfastly pursue business expansion by cultivating factories that share its social business ideals, developing traditional dress and other products to meet local needs and reviewing store development strategies.
Over the years the venture has overcome many difficult challenges, including ensuring high-quality procurement standards while respecting local business practices, culture, laws and the social nature of local factories, according to a statement of the company.
In Bangladesh, which is largely dependent on foreign remittance and textile exports and where the manufacturing base and infrastructure required urgent improvement, the Fast Retailing Co. Ltd. established the UNIQLO Social Business Bangladesh Ltd in 2010. In 2011 the Fast Retailing joined forces with the local social business proponent Grameen Bank Group to launch the Grameen UNIQLO Ltd.
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