Fast Retailing Co, the operator of the Uniqlo fashion brand from Japan, will accelerate its business expansion in Thailand this year by opening 10-15 new stores and almost doubling sales.
Thais have responded even better than expected to the Uniqlo brand, says Mr Otoma.
Naoki Otoma, executive vice-president, said the Uniqlo business has achieved its target in Thailand.
"Thais responded to the brand even better than we expected. Spending per head here is equal or sometimes higher than in Japan," he said at the opening of the company's 10th Thai store in Chiang Mai last Friday.
Uniqlo entered the Thai market in 2011, and all its products are imported. The company plans to adjust its product merchandise to match local tastes, meaning some products will be produced at subcontracting plants in Thailand, Bangladesh, Indonesia and China.
It plans to open 10-15 new stores in Thailand this year, up from six last year. The company expects to open 15-20 new stores in 2014 and 20-25 in 2015.
Mr Otoma said Uniqlo has the capability to expand its business at a faster pace, but its first priority is to focus on developing staff. He wants Uniqlo Thailand to be managed by Thai executives, who have the chance to work in Uniqlo networks worldwide.
Some 90% of Uniqlo customers in Thailand are Thai.
"Thailand is one of our important markets due to the growth of young shoppers. And they can judge what is a quality product," he said.
The company plans to open more outlets upcountry, extending its fashion collection to cover a wider range of customers. Its latest store opened last week at Promenada Resort Mall in Chiang Mai.
Last year, Fast Retailing opened 200 Uniqlo stores worldwide, with 80-90% in Asia. The company plans to open 200-250 new stores globally this year _ 50 in Japan, 80 in China and the rest elsewhere in Asia.
Uniqlo's global sales increased 54% last year to 131 billion yen (41.8 billion baht) and operating income by 39.8% to 16 billion.
Sales and revenue were very strong in China, Hong Kong, Taiwan and South Korea.
Some 70 new stores worldwide are slated for the first half of this year, with three stores expected to close.
As of Feb 28, there were 359 Uniqlo stores worldwide.