Uniqlo heads on down

Uniqlo has confirmed the fashion industry's worst kept secret - it's heading down under.

Parent company Fast Retailing Co will create a subsidiary company in Australia to create and develop its Uniqlo brand.

The subsidiary, fully owned by Fast Retailing Co, will be based in Melbourne and established in December 2012.

Following the establishment of the subsidiary, the company aims to open the first Uniqlo store in Australia by August, 2014.

The company expects the move will have minimal impact on its consolidated and non-consolidated performance for the year ending August 2013.

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